"It's a project that has been carefully determined by market needs and demographics," said Philip Spiegelman, president of the Miami-based International Sales Group, exclusive sales and marketing agents for Alaqua, who estimated total sellout in the mid-$60 million range.

Named after an exotic daylily grown in Central Florida, the Mediterranean-styled tower at 3001 N.E. 185th St., will have four-, five- and seven-story elevations, said GDC-Florida director Michael Mulhall.

"We are no strangers to Florida," he said. "GDC is active in the Orlando and Tampa Bay areas and already owns rental communities in both the Doral Country Club and West Palm Beach areas.

Mulhall's division just finished an upscale neighborhood in Celebration, Disney's showcase Central Florida community.

"We originally considered the Aventura waterfront tract for a rental project, but thought there might be a better opportunity on the sales side," he said. The buyers' line is already forming.

The $400,000-and-under market is now considered moderately priced, at least on Aventura's waterfront. "Most developers here are concentrating on the $500,000-and-up market," he said. "It's very hard to find anything used in a moderate price range - and impossible until now to find new construction in that range."

Relatively low prices are possible as the result of two factors: low land price and smaller units.

"We bought the land over a year ago before the recent sharp spike in prices," Mulhall said. "And the units will range in size from 900 square feet to 1,900 square feet for one-, two- and three-bedroom apartments."

Research by ISG showed that buyers are prepared to accept smaller units in order to get a better price, but they do not want to sacrifice location, luxury touches or amenities to get it.

GDC listened well. Upscale finishes and luxury amenities include polished granite countertops in kitchens, 10-foot ceilings with two-piece crown molding in living and dining rooms, screened terraces, walk-in showers and Roman tubs in most master bathrooms, double vanities, high-speed Internet access and full-capacity washers and dryers.