Developers Jules Trump and Alan Matus, principals of Williams Island Associates Ltd., are breaking ground on the project at 17875 Collins Ave. in the first quarter. They purchased the 4.5-acre oceanfront parcel from Pan American Hotel for $31 million or $6.89 million per acre ($158 per sf). Area land brokers tell GlobeSt.com it's one of the most expense pieces of dirt in South Florida.

The construction cost equates to $120 per sf and $636,042 per residential unit. The parcel has 400 feet of Atlantic shoreline and will accommodate 295 vehicles. Completion is scheduled for early 2003.

Of the 283 residences, 166 condos are priced from $800,000 to $9 million penthouses. The units have 10-foot ceilings; up to 15,000 sf of living area; and private pools. Fifty-two oceanfront suites of about 2,000 sf cost up to $1 million. Another 65 one- and two-bedroom hotel suites start at $500,000.