MIAMI—The Related Group isn’t the onlydeveloper going vertical with new residential towers in Miami.Rilea Group is managing the development of TheMonte Carlo, a 21-story multifamily project at6551 Collins Avenue.

Located in Miami Beach’s North Beach neighborhood, theconstruction team just completed the foundation of the oceanfrontluxury multifamily complex. Rilea expects tocomplete the 136-unit project in February of 2014.

Alan Ojeda, CEO of the Rilea Group, says theluxury multifamily project will cater to rentersin the market for ocean views and a prime location on CollinsAvenue, coupled with contemporary design. CoastalConstruction is building the project.

“I build the building for a for fee development client as if I wasbuilding it for myself,” Rilea tells GlobeSt.com. “The process isexactly the same. I’m repeating something I’ve been doing for 30years for clients. In the new world of banking—a world where whenbanks will start lending with more prudence and more checks andbalances—the fact that experienced developers are developingproperties will help people get loans easier.”