(To read more on the multifamily market, click here.)

MIAMI-Sales have begun for Boulevard, a 16-story, 127-unit condominium with 13,000 sf of ground-floor retail, located at 3360 Biscayne Blvd. adjacent to the Design District. Ricardo Dunin, president of locally based Flagler Group, which is developing Boulevard, tells GlobeSt.com his company acquired the vacant land for $6.5 million and estimates the construction cost at $28 million.

Residential units in Boulevard range from 665 sf to 2,100 sf, and Dunin says the prices begin in the low $300,000s and reach to $1 million. Locally based Related Cervera Realty Services is handling marketing and sales. The five-space retail component is also condo, and Dunin says the selling price is $600 per sf. Groundbreaking is scheduled for May 2006 with completion by October 2007.<p. The building features indoor/outdoor livings rooms and a fourth-floor mezzanine level with a pool, spa, fitness center and "aroma" garden. The architect is locally based Bernard Zyscovich, and Alison Spear is the interior architect. This is the same team that designed Flagler Group's the Meridian, a $40-million, 111-unit condo on South Beach. Dunin describes both as "luxury boutique" condos.

Other Flagler Group developments include the Mutiny, a $40-million waterfront condo-hotel in Coconut Grove, the neighboring $70-million, 224-unit Sonesta Hotel and Suites there, and Le Serano, a beachfront resort on St. Barthelemy in the Caribbean, which is scheduled to open next month.

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