MIAMI—Call it a milestone in Downtown Miami's resurgent residential real estate market. Or call it The Bond on Brickell.

The Rilea Group project is the first condo planned for Brickell Avenue since the recession. The 328-unit luxury condo tower is located at 1080 Brickell Avenue in the heart of Miami's Brickell Financial District.

Construction of the 44-story tower is officially underway and set for completion in early 2016. The start of construction comes as the next wave of residential development in Miami's downtown gains steam, fueled by growing demand for luxury condo living among international and domestic buyers and rising levels of interest in urban living among residents.

“We launched sales for The Bond on Brickell six months ago and the building is already becoming the address of choice for residents seeking a luxury residence with proximity to Downtown Miami's most desirable shops, restaurants, and arts and entertainment venues,” says Rilea vice president Diego Ojeda. “Having the luxury of an actual Brickell Avenue address is very rare these days and something buyers will continue to see value in.”

Rilea has a 30-plus year history in South Florida that has seen the delivery of some of the region's most successful residential and commercial projects, including 1450 Brickell office tower, One Broadway luxury apartments, and the Sabadell Financial Center at 1111 Brickell Avenue. Rilea is partnering with private equity investment firm MDR Toledo, LLC, a subsidiary of Spain-based MDR Americana, on The Bond on Brickell.

“The Brickell brand resonates internationally, so the start of construction on The Bond is in many ways a symbol of Downtown Miami's rebound,” says Cervera Real Estate managing partner Alicia Cervera Lamadrid, who is leading the sales effort for The Bond. “Brickell is synonymous with an upscale, urban lifestyle that appeals to buyers from around the world and The Bond reflects the no-nonsense, classic timelessness and elegant approach to development that is the driving force behind Rilea Group. That's a powerful combination in a competitive market.”

Nichols Brosch Wurst Wolfe & Associates (NBWW), one of South Florida's most prolific architecture and planning firms, designed the building. NBWW specializes in the design of high-end residential and commercial projects, as well as world-class hotels and resorts across the US, the Caribbean, Mexico and Latin America.

Building features will include a resort-style amenity deck, home to a T-shaped zero edge pool overlooking the city, a stylish library, a children's learning center and a great room complete with a sitting area, billiards table, wet bar and kitchen. Also planned are private cabanas with furnished summer kitchens, a large fire pit, and a “grotto-inspired” open-air yet covered Jacuzzi area. Nearby, The Bond's fitness center and spa complex will offer high-end exercise equipment, floor-to-ceiling windows, and men's and women's steam rooms and saunas.