With the project being developed near the Coral Gables border, "The idea is to sell Coral Gables' style with Miami prices," Pino says, contending Coral Gables is more upscale.

The other project, Unika Residences, is being developed at 4300 Biscayne Blvd. Plans call for 164 units overlooking Biscayne Bay. In addition, Strategic Properties plans to convert an existing 42,000-sf office building there into office condos, Pino says. The office space was about 70% sold to a mix of attorneys, real estate companies and mortgage firms. Unika Residences also will house Strategic Properties' headquarters, Pino says.

Both Urbanea and Unika residences will have average sizes of about 750 sf for one-bedroom units, 1,000 sf for two-bedroom units and 525 sf for studios. The price range for residences at both projects is $140,000 to $280,000. These prices are lower than those at many South Florida condo developments. "This is more for the end user," says Pino. "There's a lot of product down here, but most of it is not affordable" units. Most run "north of $300 per sf," he says, while Urbanea and Unika's prices are close to $250 per sf.