An end to the world's largest dorm?

Known as home to wealthy transients, the Flamingo South Beach has had it's appeal, from the liberal clothing policy at the pool to the panoramic views of Biscayne Bay, and the panoramic views at the pool. But, all good things must come to an end, even in Miami Beach Real Estate.
The conversion of The Flamingo South Beach apartments to condo units will be the biggest condo conversion ever in Florida. MCZ/Centrum, condo converters from Chicago paid more than $600 million for the 1,688-unit apartment complex on Biscayne Bay earlier today. Divide the 600 million by 1688 and we find MCZ is paying an average of $355,450 per unit. Is this a buy? All I can safely assume is that MCZ will spend a good deal of money on marketing the new condos and little money in upgrading the newer, adquate units and common areas. It will be interesting to watch this develop. I'll keep you posted. What's a good name for the new development? How about "Panorama"?