MIAMI-Fisher Island Holdings LLC plans to develop an ultra-luxury condominium on exclusive Fisher Island, on the south side of Miami Beach. Palazzo del Mare is planned to consist of 34 units on the Atlantic Ocean. The units, to range from about 3,500 sf to more than 7,000 sf, will have three to five bedrooms. More than half of the units, which are priced from $2.1 million to $6.5 million, were sold at press time.

The project is expected to be different from other area condo developments, say insiders, in that many Latin American and other investors often purchase other units at pre-construction prices and turn around and sell them. At Palazzo del Mare, buyers are expected to live there for a period of time and keep the units longer.

Palazzo del Mare residents will have views of Downtown, the ocean and beach; and the island with its golf course. The project’s planned high-end amenities include about a dozen private garages, concierge services and a guest suite off the lobby.

Fisher Island Holdings also owns Fisher Island Realty, which is handling sales for Palazzo del Mare. The project was designed by Robert M. Swedroe Architect Planners of Miami Beach. A groundbreaking is reportedly scheduled for late this fall, with completed expected in 2006.

John Melk, chairman of Fisher Island Holdings, purchased the 216-acre Fisher Island in 1998. About 650 families live there in projects all owned by Fisher Island Holdings.

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