MIAMI—The Related Group breaks ground on 1100 Millecento Residences on Wednesday, a new condo project from visionary Jorge Perez. Millecento marks The Related Group’s third groundbreaking in the current cycle.

The 42-story tower will feature 382 residences at 1100 South Miami Avenue, 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 architected the luxury condo tower.

“This is the perfect time in lieu of what is happening in Brickell, in particular with Brickell Citicentre breaking ground and starting construction just blocks away,” Carlos Rosso, president of Related Group’s Condo Division, tells GlobeSt.com.” Everything in the market has been rented out and there is a big demand for units in Brickell now.”