MIAMI—The Related Group is digging into yet another condo project. The Jorge Perez-led development team announced 1100 Millecento Residences two weeks ago and has already secured reservations for 60 units.

The 42-story tower will feature 382 residences at 1100 South Miami Avenue, just steps from Mary Brickell Village and the upcoming 4 million-square-foot Brickell CitiCentre. Italian design firm Pininfarina, the name behind Ferrari, Maserati and Rolls-Royce designs, is designing the interiors. Carlos Ott is architecting the luxury condo tower.

“We are financing 50% of the purchase, so buyers only have to put down 50% of the money in stages as we progress with the construction,” Carlos Rosso, president of Related Group’s condo division, told GlobeSt.com from a lunch meeting in Sao Paulo. “The other 50% of the money is due once we deliver the building. We think that the product, the brand and the reputation of Related are going to prove this is a model that we can pursue on future jobs.”