The real estate development firm Caspi International Inc. is constructing a 14-story oceanfront condominium tower in Costa Rica that it says sets a new standard for high-end real estate in Latin America. The $120 million Genesis Puntarenas is Costa Rica’s first all-glass, multifamily residential building and was designed by architect and founder of LT Arquitectos, Luis Tavarez.

Developers say the condominium tower will also be home to the world’s largest penthouse, which will sprawl 68,459-square-foot, have 10-bedrooms and three stories of living space, a private helipad, swimming pool and tennis court.

The penthouse and the building’s 47 other living units are defined by their floor-to-ceiling retractable glass walls and expansive private all-glass terraces. In all, the condominium will feature 23,672 square feet of glass. Suppliers for the glass and glazing products have not yet been announced as the bidding phase for that portion of the work is currently taking place.

Genesis Puntarenas is expected to be completed by mid-2011 and will be located in the Pacific Coast city of Puntarenas.