MIAMI—With Latin American buyers rushing to the South Florida condo scene, one developer is moving to target this demographic with a luxury boutique residential project on a coveted island. R.E.A.C. is developing a five-story building with 11 units at 101 Sunset Drive.

"Key Biscayne is an ideal location for U.S. and international buyers seeking a welcoming and secure multicultural family community,” says developer Eric Soulavy, a local resident who leads the R.E.A.C. team. “The Village of Key Biscayne has excellent schools, convenient restaurants and shopping, and some of the world's finest beaches. It's not a resort any more—it's a way of life."

Designed by Key Biscayne architect Gabriel Lopez, developers are billing 101 as a "smart" building that features advanced technology, including electric plug-ins for hybrid cars and electric golf carts, as well as amenities like a rooftop deck with lap pool, BBQ, and yoga center.