Plans call for the project, located at 1060 Brickell Ave., to include 24,000 sf of on-site retail space as well as an 11-story parking garage. Condo units will range from 570-sf studios and lofts to 2,500-sf duplex penthouses. Prices range from the low $200,000s to more than $1 million. The developer has named Fortune International its exclusive brokerage and sales are set to begin this fall.

Barnett expects a demand for units in that price range in this area, which is becoming more of a 24-hour location. "There are a lot of large condo development projects in Miami right now where the units are priced at $800,000 and up, and it's not clear what the demand for units in that range will be," he says. "We feel the sweet spot in the market is the $200,000 to $500,000 range."

Avenue, which is being designed with a contemporary feel, is scheduled to break ground in the first quarter of next year. The project has an estimated completion date of late in the first quarter of 2007. The developer is currently choosing a general contractor.