Brickell House, when it opens next year, will be the first high-rise condo in Miami since the housing bust.

Miami is poised to see its first high-rise condominium development since the housing bust in 2008, according to a Miami Herald report.

Developed by Newgard Development Group, the $170 million, 46-story tower will house 374 residents in a number of rooming options, from one-bedroom condos to vast penthouses.

“Almost all of the [outstanding] inventory that we had has been absorbed in the last 18 months,” Harvey Hernandez, managing partner and chairman of Newgard Group, said to the Herald. “It could not be a better moment for us to launch a project.”

Interestingly, Brickell House, which is the name of the development, will not necessarily appeal to Miami residents when it opens in 2012. Instead, Newgard will appeal to wealthy foreign investors, asking them to put down 70 percent of the condo’s price to cover the cost of construction. Hernandez was quite honest about his company’s intent with the building.

“Let’s be realistic. The majority of buyers in Miami come from outside of the country,” he told the Herald. “Our buyers here, nobody has 70 percent. Nobody can afford that.”

Hernandez said he is optimistic about the project’s chances, especially with housing in Miami picking up as it has. Peter Zalewski, though, of the popular website CondoVultures, was a big more skeptical, citing an oversupply of units for the market.

“There are too many [projects] that are suddenly all popping up at the same time,” he said to the Herald. “At least from a promotional perspective, it’s starting to look like 2005 and 2006 again.”