"We believe this is an excellent opportunity for both organizations," Robert F. Thorne, CEO of the Royal Bay Group, says in a statement. "It will be a win-win for the consumer, maximizing our organization's development experience with a general contractor that has 50 years' experience building in this market."

The project will be located at 1820 S.W. 3rd Ave., between Coral Way and South Miami Avenue. The pedestrian-friendly development will feature ground-level shops and mid-priced condos. Unit prices will range from the low $200,000s to the mid-$400,000s. Designed by Pablo Doval of Albaisa and Doval Architects, the Sapphire will have a sky lounge and a rooftop pool. An early 2005 ground-breaking is planned.

RBG's current projects include condominiums, lofts and townhomes in the mid-price point range. Among them are: Westside Lofts, the Chelsea, Grand Palazzo and Lofts at Mayfair. Miller & Solomon, founded in 1954, has built many highly recognized South Florida structures, including Miami Beach's landmark China Grill restaurant and Portofino Group building. The company also offers pre-construction services and construction management.