NJ Developer Plans 147 Units in S. Florida

SUNNY ISLES BEACH, FL-Wavestone Properties, a development company based in New Jersey, is entering the South Florida market with Solé on the Ocean, a planned resort-residences development here. The project will consist of 147 oceanfront units. The project has an estimated sellout value of $72 million.

Developers are planning to break ground in August 2004, and the project is expected to be completed in the first quarter of 2006. Prodigy International Development Sales has been hired to sell the project, which will be similar to a condominium-hotel project. The reservation process for the units is starting now.

Rodrigo Niño, founder and president of Miami-based Prodigy International, tells GlobeSt.com that the project is attractive because it offers units less than $900,000 here, where typically units are priced higher. “With this price point, location and the quality of the project, we anticipate a swift sellout,” Niño says in a statement.