Ultra-Luxury Condos Planned for South Beach

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI BEACH, FL-South of Fifth, an upscale neighborhood in the Art Deco district of South Beach, is about to see a large-scale change with the development of a tall, thin building. Kallisto, a 19-story, 110,000-sf structure planned for development at 120 Ocean Drive, will only house ten residences. The condos, which are being marketed as the most intimate residences in South Beach, are being developed by the Boston-based Congress Group.

Construction on the ultra luxury condo is set to begin late the this year and scheduled for completion by the end of 2010. The Congress Group has declined to give specifics on financing for the project. Unit prices will range from $4.8 million to $13.5 million for the eight single-floor residences spanning 4,399 sf and the two duplex penthouses, one of which features its own private swim spa and outdoor bar.