“Now is a great time to begin developing a new project for the next cycle,” Yetming tells GlobeSt.com. “We’ve seen very rapid absorption of the inventory that was built during the last cycle. The demand dynamics are strong for a developer to deliver units two or three years down the road.”

In the past year, sales of condominiums in Downtown Miami have increased 24% with average pricing increasing by 9.1%, according to CBRE research. Brickell has seen its residential population more than double since 2000, and is projected to grow 24% over the next five years. South Florida’s luxury condominium market seen record breaking pricing in 2012, well in excess of $1,000 per square foot.

What’s more, as of May only 174 unsold condominium units remained to be sold out of the nearly 7,000 units built in the Brickell area since 2006. There were more than 1,100 developer-owned units sold in the preceding 16 months, for an average sales velocity of over 68 units per month.

“Given that the property is the last of its kind, it is expected to command top pricing when it comes to market this fall,” Given said in a statement. According to the Wall Street Journal, the property was valued at $350 million at the height of the market. Hollo told the Journal, “It’s the best available parcel in Miami.”