SUNNY ISLES BEACH, FL-Wavestone Properties, a development company based in New Jersey, is entering the South Florida market with Solé on the Ocean, a planned resort-residences development here. The project will consist of 147 oceanfront units. The project has an estimated sellout value of $72 million.

Developers are planning to break ground in August 2004, and the project is expected to be completed in the first quarter of 2006. Prodigy International Development Sales has been hired to sell the project, which will be similar to a condominium-hotel project. The reservation process for the units is starting now.

Rodrigo Niño, founder and president of Miami-based Prodigy International, tells that the project is attractive because it offers units less than $900,000 here, where typically units are priced higher. “With this price point, location and the quality of the project, we anticipate a swift sellout,” Niño says in a statement.

The project will have one- and two-bedroom, fully furnished units priced between $300,000 and $850,000. Units will range in size from 500 sf to 1,300 sf. The two-bedroom units will include a lockout suite. Solé on the Ocean will also include a beach club and a signature restaurant, Niño says.

Wavestone Properties, which has developments in the New York area, intends to pursue other projects in South Florida as well, according to Niño. “I’m already looking for other properties for them,” he says. The developer is looking to do residential projects, condos or condo-hotel-type projects.

Solé on the Ocean is Prodigy’s second project. Niño previously was vice president of development sales for Fortune International. He has done sales and marketing for luxury real estate including Mutiny Park, Jade Residences at Brickell Bay, The M, Uptown Marina Lofts and Brickell on the River.

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