R. Donahue Peebles, president and CEO of Peebles Atlantic Development Corp., says the joint venture chose Bank of America because of its exceptional knowledge of the luxury real estate market, its commitment to quality properties, and the fact that it is one of the largest banks in the nation.

"With construction financing in place, we are ready to break ground as soon as we receive our building permits from the city of Miami Beach, which are expected by February," Peebles says in a statement. Significant site preparations, such as driving test piles and de-watering the grounds, are scheduled to begin this month.

So far, more than 60% of the residences are under contract. Prices range from $600,000 to more than $6 million. Condo floor plans will include tower residences with two, three or four bedrooms.