The Related Group of Florida Inc., headed by Jorge Perex, has broken ground on Ocean III, a $61 million, 215-unit, 37-story venture with individual units priced from $700,000 to $3 million. Individual units will have 1,592 sf to 4,001 sf of living area--twice the size of most conventional single-family homes, area brokers tell GlobeSt.com.
The 3.5-acre site is at 18925 Collins Ave. Completion is tentatively scheduled for 2004.
A total 168 units with an estimated aggregate value of $12.6 million has been sold to date, according to the developer's fact sheet.
In a prepared statement, Sunny Isles Beach Mayor David Samson says Ocean III "will usher in an upscale lifestyle that will put Sunny Isles Beach in a league (for the first time) with its prestigious neighbors to the west and south."
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