MIAMI—The 40th new condo tower since 2007 has officially been proposed for Greater Downtown Miami. One Brickell CityCentre will become part of Swire Properties' $1.1 billion Brickell CityCentre mixed use project.

As one of the tallest buildings in Florida, One Brickell CityCentre will include retail, class A offices, condominiums, and hotel capped by signature restaurant and lounge. The plan envisions grand plazas and retail shops connected to Brickell CityCentre's phase one, now under construction, and covered by the Climate Ribbon, an elevated climate control trellis and architectural statement that unifies the project.

The push for new condo construction comes as the boom-era unit inventory is dwindling in Greater Downtown Miami and South Florida alike, CondoVultures.com reports. As of June 30, 2013, less than 500 new condos were unsold out of a total of more than 22,200 units created in the Greater Downtown Miami market during the last South Florida boom that began in 2003, according to the firm's recent report.