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MIAMI-Residential units in Ten Museum Park are 100% sold, andthe developers are progressing on a re-sale program to turninvestor-bought units over to user-owners, according to KevinVenger, project director and a member of the ownership team. Theconstruction cost was $110 million, and Venger tells GlobeSt.com,"initially, the residential component resulted in a gross sell-outof more than $130 million."

The initial unit pricing averaged $450 per sf. The re-sales,Venger says, are going for about $550 per sf. The largestresidential sale combined two penthouses into a single unit thatsold for $700 per sf for a total in excess of $4 million. "Similarsize penthouse condos in this area are selling for $1,000 per sf,"he says. "We were advised to keep some units on the table, becauseprices would go up, but we wanted to get on with the othercomponents of the project."