The developer, Continuum LLC, is chaired by Ian Bruce Eichner and is affiliated with New York City-based Eichner Properties. Although the second tower is shorter than its predecessor, its units will be pricier. Phase II consists of 199 for-sale apartment units, seven townhouse and seven loft-style units, and 14 poolside cabana units.
They range in size from a one-bedroom unit of approximately 1,200 sf to a 7,000-sf penthouse. Units feature 10-foot, floor-to-ceiling windows and balconies. Sale prices will range between $1.5 million and $16 million in this North tower, which is scheduled for completion in early 2007.
"The strong presales, excellent design and unrivaled location allowed the bank to provide the entire $135-million first-mortgage loan without participants," says John M. Barkidjija, SVP of Corus, which is the banking subsidiary of Corus Bankshares Inc., also based in Chicago. "Phase II of the Continuum at South Beach will be a landmark property on South Beach," he adds. Calls to Eichner were not returned by press time.
The gated Continuum complex spans 12.9 acres with 1,000 feet of oceanfront beach. It contains a 20,000-sf spa and fitness center with a rooftop lap pool, a private championship tennis club, and landscaping that incorporates lagoon pools and fountains.
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