Completion is tentatively scheduled for June 2003. The two-phased project comprises One Aragon, a planned 15-story, 184 unit luxury rental tower with 10 floor of apartments, ground-floor retail and four levels of parking. The main lobby will be on the sixth floor. Projected rent ranges weren't disclosed.

The other component, 55 Miracle Mile, will comprise a four-story retail-restaurant-office building with 27,000 sf of office and 13,500-sf floor plates. Projected rents weren't disclosed.

Starwood Urban Group, the project's developer, owns 150,000 sf of retail on Miracle Mile, making Starwood the street's largest property owner. Starwood values its total portfolio of properties in Coral Gables and South Beach at $90 million.

Washington, DC-based Urban Investment Advisors, is Starwood's investment manager. The Felenstein Koniver Stern Realty Group handles Starwood's retail leasing. Other project consultants are Peter Page, public spaces and apartment design; Bruce Leonard, design architect; and Dorsky Hogson & Partners, architect of record. Diana Parker and Maggie Kurtz of Cushman & Wakefield are leasing the developer's Miami Beach office buildings.