The developer purchased one acre of land at 17315 Collins Ave. from Blue Seas Associates for $9.2 million for the 23-story building. Hillcrest Bank of Kansas provided the acquisition and pre-development financing and Madison Capital is the financial adviser for the project.

Solé on the Ocean will consist of 147 one- and two-bedroom units. They will range in size from 704 sf to 1,409 sf and prices will range from $280,000 to $850,000. The development will be similar to a condominium-hotel project, where rooms not lived in may be placed in a pool to be rented. WaveStone Properties is in negotiations with a number of high-end boutique hotel operators, according to a spokesperson. The project is being designed by architect Kobi Karp in new modern style.

The Helix Group, a construction management and general contracting company, has more than 35 years' experience. Its projects include the Empire State Building, Rockefeller Center and the Chrysler Building. WaveStone Properties, founded 49 years ago, develops and manages multifamily rental and condominium projects in urban markets.