MIAMI—The Astor Companies just introduced its latest Coral Gables residential development. Dubbed Merrick Manor, the 10-story luxury building offers 180 units is the first new-to-market condo to launch in Coral Gables since Miami’s last building boom.
Located at 301 Altara Avenue adjacent to the Village of Merrick Park, construction of the $80 million mid-rise is set to get underway in the summer of 2013. The doors will open in late 2014.
“With prices on the rise in Downtown Miami and a depletion of inventory in the Coral Gables market, there is clear demand from local families and young professionals for new, luxury product at a value,” Peter Torres, vice president of Astor, tells GlobeSt.com. He says Merrick Manor is targeting residents looking for “a luxury lifestyle in the heart of one of Miami’s most upscale neighborhoods.”
Astor’s timing may be right on. The launch of Merrick Manor comes as demand for residential living in Miami is strong. Median condo prices have risen by 41% since November 2010 and inventory has fallen by 53%, according to a recent report by the Keyes Company. Much of this activity has taken place in Miami’s urban core, where nearly all of the 23,000 residential units built during the recent boom have been absorbed and sales and rental rates continue to rise.
Merrick Manor will offer one-, two-, and three-bedroom apartments. Pre-construction prices range from the low-$200s to mid-$500s. Amenities at the 471,000 square foot property will include a 10,000-square-foot skyterrace pool and entertainment space with an outdoor kitchen, barbeque, bar/lounge area. The condo will also feature an indoor/outdoor fitness center, a business center/shared office space with desks and multimedia screens; 24-hour front desk concierge and valet service; and covered/secured parking.