Following Hurricane Irma, a “flood-proof” condo tower has acquired $62.5 million in financing, according to the Miami Herald. 

Located in Miami Beach on West Avenue between 13th and 14th streets, Monad Terrace will feature two towers with a man-made lagoon in between. Units are on the larger end, with two- to five-bedroom condos available and only 59 total units between the two towers. New York-based JDS Development Group is behind the project. 

Prices start at $1.7 million with one penthouse reportedly selling for $7.6 million. This marks a large jump in the median price per square foot of $1,328 for Miami Beach condos; the Monad Terrace price per square foot is $2,708.

Perhaps buyers are willing to pay more for security along the Atlantic shoreline.

The project is the first new tower on West Avenue built under stricter elevation requirements designed to resist flooding and projected sea-level rise. JDS founder Michael Stern told the Herald that the building’s bottom floor will sit 11.5 feet above ground and a unique, “waterproof bathtub” design in the parking garage will make it flood-proof. Monad developers illustrate that West Avenue is 6 feet above ground and “other developments” are 3 feet above ground, comparatively.

With the majority of funding from Vanbarton Group and a lesser amount from Bank of the Ozarks, Monad Terrace will be the first in Miami designed by standout French architect Jean Nouvel’s namesake firm, Atelier Jean Nouvel. The Herald reports construction will wrap up by late 2019.