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.