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MIAMI-Locally based Key International is planning to break ground in late 2007 or early 2008 on 400 Sunny Isles. The $206-million, 230-unit condominium project will rise on 163rd Street just west of Collins Avenue in the Sunny Isles section of Miami Beach.

The project, situated on 640 feet of bayfront property, will include two- and three-bedroom lofts, townhouses and flats that range in size from 1,423 to 2,300 sf. Prices will range from the $600,000s to more than $1.7 million. As part of the project, owners will have the option to buy a dry or wet dock marina slip. Fractional yacht ownership will also be offered. The project site used to contain a 250-slip marina, which has been demolished. The project is expected to be completed in early 2010.

Key International president Inigo Ardid tells GlobeSt.com that 160 units have been sold. Ardid says the project is attracting boat owners interested in lower cost alternatives for properties where they can keep their boats next to their homes. “To buy a house on the water may cost $2 million,” Ardid says. “This is the best price alternate in the market for property where people can have their boats at their homes.”

The project will consist of two 20-story towers. It will include “the Sandbox,” a yacht and beach club bistro featuring a bayfront beach, sand floor, sunset pool, cabanas and sand volleyball court. “There will be bay views from each unit and the project is walking distance to the beach,” he says.

Chad Oppenheim is the architect of record and Urbanica Group is the interior designer on the project. Fortune International will handle sales. Key International is also developing the Ivy and Mint, two condominium projects on the Miami River.

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