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$1.5B Condo Project (One Of Miami’s Most Expensive Ever) Gets Construction Loan | By NTM Staff

Estates at Acqualina, an ultra-luxury twin-tower project in Sunny Isles, has received construction financing and is now set to go vertical.

The project is valued at $1.5 billion, with twin towers rising 50 stories each, or 649 feet – the maximum height permitted in the area.

A total of 245 condos are planned between the two towers, with prices as high as $35 million. The first tower has reached 65 percent sold, developer Jules Trump told Bloomberg, with the trend of purchases said to be on the rise recently.

Bank OZK — formerly Bank of the Ozarks, issued the $558 million construction loan. The remainder will be financed with buyer deposits and developer equity.

Groundbreaking took place in May.