Condo Developers Target Key Biscayne

MIAMI—With Latin American buyers rushing to the South Florida condo scene, one developer is moving to target this demographic with a luxury boutique residential project on a coveted island.  R.E.A.C. is developing a five-story building with 11 units at 101 Sunset Drive.

"Key Biscayne is an ideal location for U.S. and international buyers seeking a welcoming and secure multicultural family community,” says developer Eric Soulavy, a local resident who leads the R.E.A.C. team. “The Village of Key Biscayne has excellent schools, convenient restaurants and shopping, and some of the world's finest beaches. It's not a resort any more—it's a way of life."

Designed by Key Biscayne architect Gabriel Lopez, developers are billing 101 as a "smart" building that features advanced technology, including electric plug-ins for hybrid cars and electric golf carts, as well as amenities like a rooftop deck with lap pool, BBQ, and yoga center.

"Key Biscayne is a highly desirable but very compact market," says real estate developer Oscar Segall, who led founded Klabin Segall SA, one of Brazil's largest residential development companies, from 1994 to 2009. He is also part of R.E.A.C.

"It took three years to find this property, which is conveniently located a few steps from the village center," Segall says. "Since the site currently has 20 rental units, we will actually be lowering the density on the property."

The location is 20 minutes from Miami International Airport and 10 minutes from Downtown Miami. Pricing ranges from $1.73 million to $2.2 million. Groundbreaking is scheduled for September with completion expected in December 2014.

“There is no new inventory on the island in this size and price range with 101's building technology and safety features,” sales and marketing consultant Thania Vernon, a long-time resident of Key Biscayne. “Given the limited opportunity for new condominiums of this caliber and price point, we believe there will be extraordinary interest in the project.”