$90M Condo Project Planned for Downtown Miami

MIAMI-Terra Adi International Development, based here, is planning to build a 750-unit pair of luxury condominium towers in downtown Miami called Quantum on the Bay. The project will consist of interconnected towers, with 51- and 43-stories, on about 1.5 acres of land. The estimated construction cost is $90 million.

Quantum will contain 699,253 sf of sellable residential space, making it the tallest luxury condominium tower in the area. The project will be located at 19th Street and North Bayshore Drive, opposite the newly restored Margaret Pace Park on Biscayne Bay in the Miami Arts District. The area is a popular place for the young to live, and is considered the “New Miami,” with many emerging art galleries, art museums and related facilities.

The ground-breaking is planned for December 2003 for Phase 1 and a year later for Phase 2. Completion is set for January 2006 and January 2007.