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CHICAGO-Having already branched out into Florida, condominiumconverter and mixed-use developer MCZ Development Corp. hastargeted Orange Beach, AL; Scottsdale, AZ; Washington, DC andJersey City, NJ for new projects. One common denominator, sayscompany president Michael Lerner, is support from local governmentfor redevelopment.

Condominium conversions have begun in Scottsdale, as the Phoenixsuburb is in the midst of a $2.4-billion redevelopment effort. MCZDevelopment plans to begin selling units in a Jersey Citycondominium conversion project later this year, as well as a40-story Coral Reef condominium building in Orange Beach. Althoughhome prices are leveling off in the nation's capital, Lerner sees amarket for "reasonably priced" condominiums, and MCZ Developmenthas two sites in the area where it can build to meet thatmarket.