Brickell affordability - In the Pipeline

South Florida CEO, April, 2003

* With the super-high-end market for condominiums starting to slow down, buyers can expect more and more affordable buildings to come on the market. Riding that wave is the latest project in the heart of the Brickell Financial district, 1390 Brickell Bay. Originally designed as an apartment complex by Tibor Hollo, the property was acquired last month for $10 million by Vistas International Realty, Inc. Xavier Hawley, CEO of Vistas International Development Group, says he saw an opportunity to convert the project into affordable condominiums for professionals who want to live and work downtown.

"This is a simple building with good quality," says Hawley, who tweaked the design with higher ceilings and a few other upgrades. "I saw the need for a product at a reasonable price. With an average price of between $200,000 and $300,000, this is what people can afford."

The 1390 Brickell Bay sales office opens this month; construction starts this year, with delivery in 2005.

[ILLUSTRATION OMITTED]