Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

MIAMI-Colonial Development Group has broken ground for the 56-story Infinity at Brickell condominium on an acre at 60 SW 13th St. in the heart of the financial district. Originally planned to contain 459 residential units, the design recently expanded for the addition of 47 live/work, office/residential units on the lower-level “pedestal” floors. The entire building is 81% pre-sold, Maura Landers, director of sales for Colonial Realty, an affiliate of the development company, tells GlobeSt.com, and says, “total sellout will exceed $200 million.”

According to published reports, the estimated construction cost is approximately $90 million, a figure Landers declined to confirm. Completion is scheduled for spring 2007.

The tower units include a mix of lofts, flats, studios, and one-, two- and three-bedroom layouts that range in size from 488 sf to 2,734 sf. Prices for these units span the spectrum from the low $500,000s to more than $1.4 million, Landers says. The prices for units on the 40th floor and above include membership in Club Infinity, an amenity that has a members-only terrace, spa and bar and kitchen for entertaining. The live/work units range from 671 sf to full floors of 5,082 sf. Their prices begin in the low $300,000s, she says, “and we just sold a full-floor unit for $2.5 million.”

Landers estimates that about 65% of the buyers are users versus investors. “The majority are local-area residents and people from New York and New Jersey,” she says. “It’s part of the trend to re-urbanization. These are primarily people who want to live closer to work, which this location offers.”

Colonial, headed by Lawrence Duprey, chairman, and John Yanopolous, CEO, is based in Fort Lauderdale. Among its other current projects are Europa-by-the-Sea in Fort Lauderdale by the Sea and the W Fort Lauderdale Hotel and Residences.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.