The Real Deal Miami

Apogee Beach first new South Florida condo to break ground in four years

December 07, 2011 01:12PM

Apogee Beach

Related’s Apogee Beach condominium is set to break ground tomorrow, the first new condo project to begin construction in four years. The 22-story tower was designed by Carlos Ott, with interiors by David Rockwell. Related ISG, which formed in May is selling the project for Related. Apogee’s purchasing structure is influenced by the presence of Latin American buyers, requiring a 20 percent down payment after signing a contract, with several more 20 percent payments at different periods of construction. That process is in line with the purchasing process in Latin America, a region that Related’s Jorge Perez said “saved” Miami’s market and largely paved the way for this new wave of development.