MIAMI—The 40th new condo tower since 2007 has officially been proposed for Greater Downtown Miami. One Brickell CityCentre will become part of Swire Properties' $1.1 billion Brickell CityCentre mixed use project.

As one of the tallest buildings in Florida, One Brickell CityCentre will include retail, class A offices, condominiums, and hotel capped by signature restaurant and lounge. The plan envisions grand plazas and retail shops connected to Brickell CityCentre's phase one, now under construction, and covered by the Climate Ribbon, an elevated climate control trellis and architectural statement that unifies the project.

The push for new condo construction comes as the boom-era unit inventory is dwindling in Greater Downtown Miami and South Florida alike, CondoVultures.com reports. As of June 30, 2013, less than 500 new condos were unsold out of a total of more than 22,200 units created in the Greater Downtown Miami market during the last South Florida boom that began in 2003, according to the firm's recent report.

CondoVultures points to data from several other firms. Licensed Florida brokerage CVR Realty, for example, reports that more than 1,600 condos are available for purchase on the resale market at an average asking price of about $489 per square foot in the Greater Downtown Miami market as of Sept. 29. And the Florida Realtors Association reveals about 81 percent of the units being marketed for resale in the areas were created since 2003 and the average asking price is about $510 per square foot.

According to CondoVultures, overall in South Florida, about 1,925 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida's seven largest coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood/Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton/Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of June 30, 2013.

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