Next spring, the 5.5-acre enclave that was founded in 1926returns as an equally posh, oceanfront complex containing a107-unit condo tower and six, four-story private villas. Units areselling for between $2 million and $10 million. Peebles acquiredthe oceanfront property in December 1999 after having the parcelupzoned and designated an historic site. In April 2002, DLJ becamean equity partner and the groundbreaking took place nearly a yearlater.

Each of the 5,685-sf Mediterranean-style villas, designed toreflect the club's original architecture, has a private,infinity-edged pool. They hit the market at approximately $10million, or about $1,800 per sf. Units in the contemporary-styletower average 3,132 sf and range from $650 per sf to $1,000 per sf,which puts most units well over the $2-million mark. A Peebles'spokeswoman tells GlobeSt.com "our top price to date is in excessof $1,200 per sf."

There are eight different floor plans in the tower units and allhave private or semi-private elevators and floor-to-ceilingwindows. Center units have views of the ocean and the IntercoastalWaterway, while units on either side of the building's rounded-edgedesign have views of one or the other. All have top-tier appliance,cabinetry and fixtures.