The developer was 2501 Ocean LP, a joint venture of two Chicago-based developers, Centrum Properties and MCZ Development. They renovated the art deco structure to modernize and upgrade utilities, amenities and residential features. They are marketing the project as affordable oceanfront real estate, selling residences from $135,900. Rosalia Picot of Picot & Co., the exclusive sales and marketing organization for the Wave, expects a quick sellout due to the low price point and the immediate occupancy.

The Wave has studios and one- and two-bedroom units. All 551 units feature panoramic views of the Atlantic Ocean or Intracoastal. The property also includes more than 35,000 sf of ground-floor retail space, including the gourmet food store Laurenzo's Market, as well as a full-service spa and an oceanfront indoor/outdoor restaurant.

Amenities include a beach club with cabanas, a poolside attendant and poolside bar service; an oceanfront pool deck with a heated pool, an oversized spa, cabanas and a barbeque area; a fitness center with yoga, spin, dance and aerobic classes; a business center; a party and social room overlooking the ocean; and an entertainment lounge with billiards, a media center and a bar.