Waterfront Condo Breaks Ground After $130M Sell-Out

The complex consists of a 27-story building containing 267 one-, two- and three-bedroom units and a separate four-story building containing 16 units that Cavenaugh describes as "portofino-style residences," which face the club's private marina and have direct access to the waterfront. The property also contains a 3,000-sf clubroom, poolside cabanas, a fitness center and individual storage units. Direct beach access is across Ocean Drive.

Aventura-based International Sales Group handled the sales and marketing. An 879-sf, one-bedroom unit with a 76-sf balcony in the high rise sold for about $300,000. Portofino units are approximately 1,155 sf and sold for between $375,000 and $425,000. The priciest penthouse in the tower faces the ocean, contains 1,962 sf under air and sold for about $960,000, Cavenaugh tells GlobeSt.com. Completion of the complex is scheduled for the end of 2006.

Cavenaugh declined to disclose the construction cost, the price Fifield paid for the land and the amount and terms of the construction loan. The Chicago office of National City Bank, an affiliate of Cleveland-based National City Corp., provided the construction funding. Fifield has developed more than $3 billion in residential, office and hospitality properties in Chicago, Southern California, South Florida and Las Vegas.