The project's one-, two- and three-bedroom residences are priced from a little less than $200,000 to $2 million. The residences, located along Biscayne Bay in the city's growing arts district, will feature views of Biscayne Bay, Miami Beach and Downtown. With many new residential developments going up or planned, the arts district is a rapidly growing area, according to Edgardo Defortuna, president of Fortune International, the exclusive brokerage handling sales and marketing for the 1800 Club.

Brett Chwick, director of multifamily brokerage for locally based Terranova Corp., says population growth is driving the boom in condo activity in the area. "As long as you have positive population growth and a healthy interest rate environment, the strong market will continue," he says. This is due to the lack of available single-family land. "For the most part, Miami has very little single-family home land left," he says. Developers can't build to the west of Krome Avenue or the Turnpike, he points out. "New homes have to be density construction. The place to build high rises is the city center area."

The demand is apparent, he adds. "They keep selling them (condos)," he says.