MIAMI-Mickey Mouse isn’t coming to South Beach, but the city is getting a new condo project sponsored by an investment fund Walt Disney’s nephew Roy E. Disney founded. The fund plans to construct a five-story condo with 70 units.

Palau Sunset Harbour and members of Disney’s Shamrock Holdings of Southern California will formally unveil plans for the new project on Jan. 24. Dubbed Palau at Sunset Harbour, the project will span 109,300 square feet at 1201 20th St. west of Alton Road and east of Publix, according to Condo Vultures.

Peter Zalewski, principal at Condo Vultures, tells GlobeSt.com plans call for 43 units with 500 to 999 square feet, 12 units at 1,000 to 1,200 square feet, and 15 units with more than 1,200 square feet. He points to Miami-Dade County records that show the site was acquired in two transactions that totaled $8.2 million, or about $150 a square foot.

“This reflects the lack of developable land around that area,” Zalewski says. “To go into the Sunset Harbour area—don’t get me wrong it’s an attractive area—but it’s not exactly bay-front property and it’s definitely not ocean-front property. I think that’s indicative of how much South Beach has rebounded.”

Palau at Sunset Harbour is the second project proposed for Miami Beach and one of 20 in South Florida. Four of those towers are in Downtown Miami, four are in Sunny Isles Beach, one is in Aventura and another in Hollywood. Zalewski says three of the towers broke ground in December.

Is it too soon for another wave of development? As Zalewski sees it, new condo product from the last round will be sold out by the end of 2012 or the beginning of 2013. Developers appear to be betting that by the time they deliver the next round of product the market will be normalized from a financing level as well as a commercial real estate level. Developers are also building to a niche audience.

“Most of the Disney units are going to be under 1,000 square feet,” Zalewski says. “These are tighter units that somebody is going to want to jump on even if it’s just a crash pad on South Beach. I don’t see a problem with this project because it’s South Beach.”