MIAMI—The Related Group is developing new condos at a rapid clip and collecting plenty of money up front to do it. But Florida East Coast Realty (FECR) is battling back with a unique capital strategy of its own at Opera Tower, the 56-story, luxury tower in Downtown Miami. The tower is now more than 70% sold.

According to FECR chairman and president Tibor Hollo, 455 of the 635 condos are sold at the mixed-use high-rise. One hundred-eighty remain at prices ranging from $225,000 up to $600,000. Opera Tower is located in the Media and Entertainment District on the park, overlooking Biscayne Bay and Downtown Miami.

“Sales at Opera Tower have been moving along very well, and I believe that the activity is attributed to a combination of things, including the developer financing and leaseback programs that we are offering, the recent design enhancements nearing completion, and, of course, Opera Tower's prime location and breathtaking views,” says Hollo. Fortune International is heading sales for the property.

Hollo got creative to get the deals done: Developer financing is available for up to 50% of the purchase price. The developer, through its affiliated management group, will leaseback the owners' units for up to three years from closing. During that time, buyers will receive an annual rent equal to 6% of the purchase price. Monthly condominium maintenance fees are paid by the developer, with no rental commission fees or property management expenses. Buyers pay only property taxes and insurance.

International buyers are seeing value in this arrangement. According to Fortune International sales director Jerry Sanchez, more than one-third of Opera Tower buyers are from Argentina, with Venezuelan buyers making up 18% and Brazilians accounting for more than 10% of sales.

Sanchez says sales from Europe are increasing Latin America still reigns. For example, France, Germany, Italy, Spain, and England make up about 5% of the sales. He also reports that Asian buyers are starting to show an interest in Opera Tower, and he expects this activity will increase because of the upcoming Genting development, which three blocks away from the property.

Opera Tower is currently undergoing several building enhancements that are scheduled to be completed by the end of the second quarter. The redesign encompasses the recreational room, main lobby, pool deck, and interior/exterior building improvements.