Construction is now underway on what Jorge Perez says will be Related Group’s most expensive project ever built.
Foundation work for the 649-foot Residences by Armani/Casa tower in Sunny Isles began late last week. A Notice of Commencement was signed by Dezer Development’s Michael Dezer, a 50-50 partner with Related Group on the project.
Construction is expected to cost nearly $1 billion, Perez claimed in an interview with the Herald. The sales center alone cost more than $10 million to build, developers say.
About 155 out of 308 units, or 50 percent, are in contract at an average price of $1,300 per square foot, according to the developers.