Lionheart Capital announced that The Ritz-Carlton Residences, Miami Beach, a luxury residential development comprised of 111 residences and 15 stand-alone villas, has reached its 50 percent sold milestone since launching sales in spring 2014.

The luxury residential development at 4701 North Meridian Avenue, on the site of the former Miami Heart Institute, will have 111 residences and 15 stand-alone villas. With prices from $2 million to $40 million, the development launched sales in spring 2014. Now 50 percent of the units have contracts and deposits.

A cosmopolitan playground for the world’s wealthy, South Florida is increasingly synonymous with luxury in all its many manifestations: multimillion-dollar real estate, exotic cars, yachts, high-end watches, designer apparel.

Extell is not the only developer using hologram technology to tempt buyers. For the Ritz-Carlton Residences in Miami Beach, where units are priced from $2 million to $40 million, the developer, Lionheart Capital, assembled a $3 million sales gallery that has, in addition to a private screening room, exhibit wall and dioramas, two holograms conceptualized by the design agency DBox.

Giving clients an immersive view of their yet-to-be-built condo unit as a way of sealing a multimillion-dollar sale appears to be very much in vogue as it relates to high-end residential offerings in South Florida.

Over the past year, New York City developers have brought their buyers and prices to Miami. Prices have gone up by 11.5 percent along Miami’s beachfront, according to published reports.

Evan Speiser, a 30-year-old vice president at the Speiser Organization, agreed. Mr. Speiser, whose firm is a family-run business that specializes in real estate development, acquisition and management, currently rents a loft on the Lower East Side. Rather than buy in New York, he decided to purchase a four-bedroom apartment at the Ritz-Carlton Residences, Miami Beach.

Over the past several years, the Miami real estate market has gone from serious lows (thousands of unsold condos, for example) to serious highs (the in-contract rooftop penthouse of the Faena House that will reportedly sell for a record $60 million).