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MIAMI-Paolo Scattarreggia, Andres Leiser and Eric Harari, three men who were part of the team that developed Absolut South Beach Lofts in South Pointe and the Gramercy in Miami Beach, have formed Trilogy Development Corp. with plans for a 73-unit loft-style condominium at 500 NE 26th Terrace in the Edgewater neighborhood. Scattarreggia tells GlobeSt.com the construction cost is estimated at $20 million.

This time, the letter “e” is added to Absolut to avoid any potential conflict with the premium Vodka brand. Absolute Bay Lofts is a seven-story structure containing 73 “true industrial-style lofts, like the kind you find in New York City and Chicago,” Scattarreggia says. They are built on a double level with 16-foot ceilings, concrete block walls, floor-to-ceiling windows facing Biscayne Bay, and exposed ducts, pipes and beams along with terraces. The exterior also reflects a contemporary industrial look with decorative roof metal stacks and exterior pipes.

The first two stories of the building contain reserved parking for residents, including enough area for 80% of them to purchase a second parking space. There are nine penthouse units on the top floor and four floors of 16 units each. Units average 850 sf and selling prices reach from $350,000 to $450,000. Miami Beach-based Miami Lodge Realty is handling the sales and marketing.

The site contained four residences and a small apartment building, which have been demolished. Scattarreggia says Trilogy will break ground for the project July or August, with completion scheduled for November 2006.

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