The development, estimated to cost as much as $500 million, will consist of two residential towers, one with 32 floors and the other with 49 floors, sitting on 750,000 sf of office, retail, clubhouse and recreational space. JBZ will be overseeing the project, which is due to break ground in the next 18 months as part a large master planned "new town" located adjacent to the Olympic Center.

JBZ senior planner Mathew Beehler tells GlobeSt.com that excavation is under way and completion is slated for late 2006 or early 2007. The cost for the build out of the interior space will come in at around $10 million and the overall project cost could total close to $500 million, says Beehler.

Initiated as an International Architectural Design Competition, JBZ was awarded the project after receiving high scores in all categories for its concept work. JBZ is currently in design development, which its local partner Kingdom Architecture will turn into construction documents. Beehler says the design embraces "a contemporary architectural style, with clean lines and simple detailing" and utilizes granite, glass, stainless steel and limestone "to create a design of sophisticated elegance."