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

MIAMI BEACH-The Normandy Shores LLC affiliate of Fort Lauderdale-based Akron Development Corp. will break ground within five weeks for Privata Town Homes, a 43-unit residential property at 25-135 N. Shore Dr. on Normandy Shores, an island village separated from Miami Beach by the Indian Creek River. Units in the seven four-story structures “aren’t condos,” Jason L. Jones, VP, tells GlobeSt.com. “They’re being sold fee simple; the buyers will own the land.”

The land, which has 600 linear feet of waterfront, was assembled from seven different owners, Jones says. He declined to disclose the cost of the lots, but says the project’s estimated all-in cost, including the land, is about $33 million. “Each of the buildings has a distinct look and exterior finish,” he says, and 25 of the units have private docks. “Unlike many of these islands, this one provides no-fixed-bridge ocean access,” he adds, and the location is across from the city’s $102-million renovation of a public golf course, park and tennis courts.

Privata units range in size from two-bedroom layouts of 3,086 sf to four-bedroom plans with 3,452 sf. Prices begin at $989,000 and reach to more than $1.5 million. Jones says they are 40% pre-sold. The complex is expected to reach completion in spring 2007. Jones says he’s not concerned about the preponderance of residential units coming to market in the area. “There are only so many spots with water and boat access within minutes from Downtown Miami, South Beach, Bal Harbor and Aventura.”

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