MIAMI—Rilea Group just announced a new 323-unit luxury condo tower in the heart of Miami's Brickell Financial District. The Bond at 1080 Brickell will rise 44 stories when development concludes in mid-2015. Rilea is set to break ground later this year.

The launch comes as the next wave of residential development in Miami's urban core takes hold, fueled by an uptick in demand for luxury condo living, falling supply at existing buildings, and increasing prices, according to the Miami Downtown Development Authority. All told, fewer than 500 units of the 23,000-plus constructed during the city's last real estate cycle remain on the market for sale.

“The vertical development underway in Miami's urban core is giving the city new relevance as a 24/7 residential, commercial and lifestyle district, and our firm is helping fuel this progress,” says Alan Ojeda, CEO of Rilea Group. “The Bond at 1080 Brickell is the address of choice for residents seeking the highest caliber of luxury and instant access to Miami's most desirable shops, restaurants, and arts and entertainment venues.”