Miami-based developer Mast Capital is planning a new 80-story luxury condo tower in the city’s financial district, betting on new arrivals to keep demand strong in a red-hot market.

The company acquired a 2.8-acre (1.1-hectare) site, paying $103 million for one of the last remaining parcels of land in the Brickell district. The project will include three towers, one for luxury condos and two for rental apartments.

In total, the development will add 400 condos, 850 rentals and 1,650 parking spaces, Mast Capital said in a statement. The company partnered with private equity real estate firm Rockpoint Group for the apartment component. 

Brickell, in the midst of a pandemic-fueled boom as companies and new residents move to Miami, has seen rents for newly constructed condos jump more than 30% since the first quarter. 

“While South Florida was seeing strong growth prior to the pandemic, it became evident to us early on that the pandemic would result in further tailwinds for South Florida,” said Camilo Miguel Jr., chief executive officer of Mast Capital.

Developers are targeting a $1 billion sellout for the condo tower, which will partner with a luxury lifestyle brand for “resort-style” amenities.