The 74-story residential tower in Downtown Miami slated to become the city's tallest has been officially named Panorama Tower. Construction on the $600 million tower is scheduled to begin at the end of 2012, according to media reports.
The building, formerly referred to as 1101 Brickell Avenue, was planned prior to the recession, but was put on hold when the market collapsed, according to Curbed Miami. Site work began in October.
"We're looking forward to the project," Tibor Hollo, President of Florida East Coast Realty, told local media.
The Kobi Karp-designed residential building will be 849 feet (259 meters) tall.
Developers are hoping the project will be included in the federal EB-5 program, which offers foreign investors a track to a residency visa for investing in designated projects.
"As part of its quest to become designated as an EB-5 regional center, the city of Miami has added Panorama Tower as a signature project on its federal application," the South Florida Business Journal reports.