(Crystal Proenza is associate editor of Real EstateFlorida.)

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MIAMI-Despite the state of the residential market in SouthFlorida, Flagler Development Group has broken ground on Cordoba, a$50 million, 224-unit condominium building in the City of Doral.The residences are part of the Coral Gables-based developer's plansto turn a 120-acre office park formerly known as Kroger Center intoa mixed-use Downtown Doral concept set to include 2,840 residentialunits, 180,000 square feet of retail, 400,000 square feet ofoffice, 100,000 square feet of civic space, a three-acre park and asite for an elementary school.

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The site is owned by a fund managed by JP Morgan and will bepurchased by Flagler over the next ten years, says Chris Cobb, vicepresident of residential development for Flagler. The exact valueof the project at full build out can not yet be determined, hesays, but will be in the hundreds of millions of dollars.

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The four-story condominium structure being erected on the sitewill feature amenities such as landscaped courtyards, a pool,clubhouse with fitness center, private patios and a community room.The project is scheduled for completion in summer of 2010 withprices starting in the mid $200,000s and is currently 25% pre sold,according to Cobb. The residential development is fully financed byJP Morgan. John Moriarty & Associates of Florida is the generalcontractor for the building and the architect is Miami based MSAArchitects Inc.

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"In Doral there isn't an oversupply of condos like there is onthe eastern side of the county," Cobb tells GlobeSt.com. "Inwestern Miami-Dade they are much fewer and far between, so we thinkthere is an unmet market there. Because our town center concept isa long term, ten year project our partners believe we need to haveour development under way to establish ourselves as a leader in theDoral market in a couple of years when the economy recovers."

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The area to be known as Downtown Doral, located at NW 53rdStreet between NW 87th Avenue and NW 79th Avenue, currently has onecompleted office condominium building, the 65,000-square-foot 7950Professional Center. The three-story structure was an existingbuilding in the office park that has recently been renovated and isnow 30% sold and closed.

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Flagler plans to commence construction on the site's first new150,000-square-foot office building in the second quarter of 2009to be delivered in the third quarter of 2010. The developer haspre-leased 28% of the proposed six-story structure to a tenant thatcan not yet be disclosed, says Cobb.

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