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MIAMI-Hyperion Development Group is running four months ahead of schedule for the development of its 36-story condominium project Blue Condos and is planning to break ground in the middle of this month on another, 60-story condo project in the city.

Blue, which is about 70% sold, has one- and two-bedroom units ranging from 831 sf to 2,048 sf and 3,125-sf penthouses. Pre-construction prices range from $350,000 to $690,000. The project is located on 36th Street at Biscayne Bay.

The general contractor, SDC Construction Services, is pouring the top floor of concrete for the building, which is scheduled to be completed in summer 2005. “Blue is running a solid four months ahead of schedule,” according to Hyperion CEO Thomas Jermoluk. “We’re very pleased with the progress of this project and plan to set a similar pace with all our developments.”

The newer project, called Marina Blue, is being developed just about a mile and a half from Blue, on Biscayne Boulevard and Northeast 8th Street, in front of the American Airlines Arena. The project will consist of 516 units and has a planned completion of summer 2007.

Marina Blue units have an average price per sf of $373. Sizes will range from 992 sf for one-bedroom/1.5-bath units to 1,535 sf for two-bedroom/two-bath units. At those sizes, the price range for the units is approximately $370,016 to $572,555.

“This area is just on fire,” says Julie O’Dell, of Hyperion Development Group. “Every square inch has been taken up by condos.”

Hyperion Development Group was founded by Jim Clark, founder of several companies, including Netscape, Silicon Graphics, Healtheon/Web MD and Shutterfly; Tom Jermoluk, in business with Jim Clark for 20 years, CEO, founder and board member of more than 15 companies; and Paul Murphy, master builder, developer and general contractor for 37 years, building more than 22,000 units.

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