Construction is set to begin early next year, and the project has a planned completion date of the middle of 2006. Before development begins, the existing building on the site, which houses Diaz Towing Co., will be demolished. Urbana paid $1.8 million for the site which consists of nine lots on 1.4 acres. Pre-sales are scheduled to begin at the end of this year.

Many galleries are opening in the recently renamed Wynwood Arts District. "We see North Miami Avenue as a major pedestrian-friendly thoroughfare connecting the Design District and Midtown Miami to Downtown," Jeremy Green, Urbana co-founder and managing partner, says in a statement.

Urbana Development Group was formed in March 2002 by entrepreneur Jeremy Green and real estate industry veterans Jeff Morr and Fabien Tremoulet of Majestic Properties to develop cutting-edge properties in emerging neighborhoods. The company has three development sites with an expected sell-out value of nearly $100 million.