The Real Deal Miami

Peloro sees 75 percent of units reserved

March 14, 2013 02:00PM

A rendering of Peloro

Only three months after Cervera Real Estate launched sales at Peloro, a luxury condo project in Miami Beach, the development has seen 75 percent of its 113 units reserved, developer SMG Management announced today.

The Luis Revuelta-designed building will open its new sales center at 6630 Indian Creek Drive in early April, at which time prospective residents can sign hard contracts on the boutique building.

Construction will begin in the coming months, starting with the demolition of of the old wall on the bayfront site across Collins Avenue from the ocean. Asking prices will average around $500 per square foot, according to a statement today from the developer.

Peloro will be located in Mid-Beach, a quieter midpoint between SoFi and the booming areas further north on the Miami Beach barrier island.

“This project is kind of in between [the two areas],” Alicia Cervera, managing partner at Cervera Real Estate, which is marketing the property for SMG, told The Real Deal in November. “It’s a unique opportunity because South Beach and Bal Harbour have gone nothing but up.” —Christopher Cameron