MIAMI—The Related Group is digging into yet another condo project. The Jorge Perez-led development team announced 1100 Millecento Residences two weeks ago and has already secured reservations for 60 units.

The 42-story tower will feature 382 residences at 1100 South Miami Avenue, just steps from Mary Brickell Village and the upcoming 4 million-square-foot Brickell CitiCentre. Italian design firm Pininfarina, the name behind Ferrari, Maserati and Rolls-Royce designs, is designing the interiors. Carlos Ott is architecting the luxury condo tower.

“We are financing 50% of the purchase, so buyers only have to put down 50% of the money in stages as we progress with the construction,” Carlos Rosso, president of Related Group’s condo division, told GlobeSt.com from a lunch meeting in Sao Paulo. “The other 50% of the money is due once we deliver the building. We think that the product, the brand and the reputation of Related are going to prove this is a model that we can pursue on future jobs.”

The Millecento announcement follows Related’s MyBrickell condominium sales success. Related reports more than 80% of MyBrickell’s 192 residences sold, resulting in an accelerated groundbreaking, making it the first for the downtown area in over five years.

“Latin Americans recognize the amazing value Miami offers today,” Rosso says. “They know these prices won’t last. They are very conscious of the transformation Miami is going through.” Rosso points to the under-construction Brickell CitiCentre under construction, the new art museum rising on Biscayne Bay, Brickell office buildings being leased up at an amazing rate, and Brickell condos being rented at higher prices year after year.

“Americans are still not buying,” Rosso says. “Latin Americans buyers are accustomed to buying real estate in this fashion in their home countries. They see the value. The prices of apartments are at least twice as expensive as in Miami. Americans are going to recognize that to buy real estate they will have to put down a little bit more of their cash at the beginning and then refinance the purchase at the end.”