A demolition permit has been issued and a foundation permit is now pending at the downtown Miami site where a 40-story condo tower called 501 First is about to begin.

501 First is planned to have 448 condos, 10,000 square feet of retail, and no parking garage.

This morning (July 21), Miami’s Building Department issued a permit for total demolition of a structure on the site dating back to 1924. Beauchamp Construction is listed as the demolition contractor.

Plans for a phased foundation permit using a private provider for review were filed on July 13, while a phased permit for vertical construction was applied for earlier today. Beauchamp is the contractor for both.

The demolition permit issuance comes just one day after another similar tower officially broke ground blocks away. A groundbreaking ceremony was held yesterday (July 20) for the 39-story District 225, with 343 units and no parking garage.

Both towers are said to be sold out.