MIAMI—Moss & Associates just won an $83 million construction contract on 400 Sunny Isles. Demolition of the existing site began in July 2013 with groundbreaking scheduled Aug. 2.

400 Sunny Isles is a twin 22-story condominium towers that sits on 640 feet of bayfront property. It's located just south of the 163rd Street Bridge in Sunny Isles Beach, FL. Key International is developing the project. This is Moss's third project for Key. Moss also also worked on Key's The Mint and The Ivy Condominium Towers in Downtown Miami.

Less than 2,150 new condos out of a pool of nearly 49,000 units created during the last South Florida real estate boom remain unsold in the seven largest coastal markets of Miami-Dade, Broward, and Palm Beach counties as of the first quarter of 2013, according to a recent report from CondoVultures.com. The buying activity—at a pace of more than 110 new condos monthly—in the first quarter of this year reduced the number of unsold developer units to about 2,130 condos as of March 31, 2013, according to the report. Will the inventory sell out before the next wave of condos comes to market?