iStar Financial Inc. (NYSE:SFI), announced yesterday that it will have full ownership of the luxury Miami Beach real estate condominium project “South of Fifth,” located at 125 Ocean Drive. iStar Financial has engaged Cervera Real Estate, Inc., a South Florida real estate company, to manage the project’s marketing and sales efforts.

“iStar is excited to begin work on South of Fifth and we’re confident our successful repositioning of the property will only further complement the property’s already world-class South Beach location,” says Anthony Burns, senior vice president of iStar Financial.

iStar Financial plans to rebrand South of Fifth, reposition the condominium in the market and redesign the intimate, seven-story beach-front condo with a multi-million dollar investment. South of Fifth currently features 28 oceanfront residential units, three office units and one retail unit. Units range in size from 660 square feet to 6,240 square feet.

Property amenities include a private lounge, gym facilities, beachfront pool, private beach club, hotel services, as well as 24-hour valet, security and concierge.