In 1987, fresh out of law school, Craig Robins plunked down $20,000 for a project to restore two crumbling art deco buildings in the seedy southern end of Miami Beach. His timing was perfect ­ and over the ensuing years Robins's Dacra Development Corp. helped transform South Beach into one of the world's best-known tourist destinations. Now the 39-year-old real-estate mogul wants to establish what he calls the ultimate "world-class village" on a tiny island north of Ocean Drive.

The $225 million Aqua planned community is Robins's most ambitious project yet, a bet that the well-heeled will prefer a neighborhood with modernist architecture over a high-rise tower. "Aqua takes the high-rise and spreads it out horizontally," says Robins.

So far, so good. Nearly half the 46 town houses and 105 condo units have been sold in just under 12 months, despite price tags that start at $500,000 and rise to $7 million. Robins is an unabashed proponent of New Urbanism, a movement founded on the principle that good design makes for good social vibes. Buyers also see Aqua as a safe place to put their money. "I trust real estate as an investment more than I trust the market," says Marlene Green, a Chicago consultant who¹s bought one of the units.

Robins sees New Urbanism as the Next Big Thing in neighborhood design. In a nutshell, Aqua combines the sidewalks, front porches and pocket-size parks of pioneering New Urbanist towns like Celebration, Fla., with midrise condo buildings created by leading modernist architects. The result is a low-density complex whose highest building has 11 stories. To tart up the village setting, Robins commissioned acclaimed artists Richard Tuttle and Guillermo Kuitca to produce five paintings and a giant tile mural that will adorn a wall located just above a small pool.

If current sales rates hold up, Robins expects to sell all of Aqua's units by a year from now its new residents in 2004.

A fit-looking father of three who wears designer T- shirts to work, Robins exudes the excitement of an art collector who's about to unveil a highly coveted Picasso piece. "We believe we're creating an asset for the city by combining art, architecture, design and good planning," he says. "Yeah, we're building homes, but we see it as a lot more than just that." The future residents of Aqua hope he's right.