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MIAMI-Neo Concepts LLC, based here, is planning to develop a 36-story, 443-unit loft condominium tower called NeoVertika in the city. The project cost will be approximately $80 million, according to Frank Guerra, president of developer Neo Concepts LLC.

Located at 690 SW First Court in Brickell Village, the tower will sit on 2.2 acres. The project also will include approximately 20,000 sf of retail space on the ground floor, Guerra says.

While some of the units will be the more traditional loft-style condominiums featuring 10-foot ceilings, NeoVertika also will offer what is called splits, or two-story units featuring ceilings 20 feet high. Unit sizes will range from 709 sf to 1,678 sf.

Guerra tells GlobeSt.com that Neo Concepts LLC hopes to get approval from the government by June to develop the project. He says the project is planned to break ground next January. The developer expects the project to be completed about two years from its ground-breaking.

The floor plans of the loft-style condominiums will be flexible and enable owners to customize their homes. “No one has done this before,” he says. “It’s the first time this vertical living format has been presented in a high-rise building [in South Florida]… It’s the first time the split concept has been offered in a high-rise.”

The splits make those units appear larger than other units of the same sf. “It’s a very, very volume-intensive space,” Guerra says. It feels a lot bigger “because you have this huge volume that you don’t get in a regular, one-story unit.”

Unit prices start in the $140,000s and go up to $400,000. “The [affordable prices] are another reason behind the success,” Guerra says.

NeoVertika is already about 60% reserved, although sales started recently, and the market is responding “very well,” he says.

The project’s architect is Luis Revuelta of Luis Revuelta PA. NeoVertika’s features will include Italian cabinets, granite countertops, a fitness center, a pool, a business center, a rooftop lounge and a cigar parlor.

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