"This is an extremely positive step for us," say Jackson Ward and Stefan Johansson, co-principals of Gulfside Development, in a statement. "We are pleased that an institution the magnitude of Union Planters has recognized the value of this project."

The Downtown Dadeland re-urbanization project will include 416 condominiums and 115,000 sf of retail space in a village-like design, containing seven low-rise, clustered buildings. Each building will have a unique look consistent with Florida's architectural style.

The project is nearly 70% sold. The condos, which include studios as well as one-, two- and three-bedroom homes, range in price from the $100,000 to more than $500,000.