"It's proof that even in a distressed environment, good product sells well," says Thomas J. Crocker, CEO of Crocker Partners. Crocker is managing partner of CityPlace Partners, along with New York City-based Related Cos., developer of the adjacent CityPlace mixed-use development.

CityPlace South Tower

Crocker chalks the success of the building up to the developers' commitment to quality from the beginning of the project. "We're most proud of delivering the product we promised we would," he tells GlobeSt.com.

During the reception, guests were encouraged to peer through a telescope to view a unit in the brand new CityPlace South Tower, a 20-story residential building across the street. Despite the endlessly reported troubles in the multifamily sector, the 480-unit building developed by Miami-based Related Group is already 87% sold, says Arturo F. Pena, senior project manager. The 9,000-sf ground-floor retail space has already been sold as well, to two landlords who plan to sublease the space.

Amenities in the building include a heated pool, whirlpool alcove, rainfall shower, a 3,000-sf fitness center, spa treatment rooms, outdoor clubhouse and indoor lounge. Unit prices range from the $400,000s to $800,000s.

"Real estate is always driven by location, and any further residential construction at that location should do extremely well and benefit by synergies created by the new office building and existing retail," says Charles J. Foschini, vice chairman with CB Richard Ellis' capital markets group.

Pena tells GlobeSt.com that the success of the project, even in this market, is more than just about where the building stands. "I think our companies are large enough that they've seen this coming," he says. "The ups and down of real estate are something we've planned for."