MCZ/Centrum, a joint venture between two developers, Centrum Properties and MCZ Development Corp., purchased the building when it was under construction from the Finger Cos., a luxury apartment developer based in Houston. The project is scheduled to be completed in the fall.

Condominium conversion--as well as new development-- has been strong in South Florida in recent months. But according to industry executive Brett Chwick, condos continue to sell well. "Dade County's got some very healthy population growth that continues, so it's always going to be a pretty strong market," says Chwick, director of multifamily brokerage for locally based Terranova Corp. "I don't think there's a danger in the market becoming saturated as long as the interest environment remains favorable."

Jennifer Arons, vice president of sales and marketing for Centrum Properties, in a statement comments on the opportunity current interest rates bring: "With market conditions favoring ownership over rentals, we saw an opportunity to purchase a brand new development at the right time." MCZ/Centrum also recently converted the Wave on Hollywood Beach to condominiums, of which sales have been very successful, according to a spokesperson.