Carlyle DK/Equity, a joint venture between Chicago-based Draper and Kramer Inc. and Equity Marketing Services Inc. of Chicago, is planning to convert the rental property into a for-sale condominium project, according to a spokeswoman for the project. The project has one-, two- and three-bedroom residences, and condominium prices will range from the mid-$200,000s to the mid-$500,000s. Penthouse prices will range from the high $600,000s to more than $1 million.

"After exhaustive market research, we are confident that this luxury product fills a niche in this aggressive real estate market," Forrest D. Bailey, a principal of Carlyle DK/Equity Florida LLC, says in a statement. "The Floridian is a value-oriented purchase that we were fortunate to find."

Cheryl A. Bancroft of Equity Marketing Services adds the joint venture merges "diverse skills and talents." This property is the second joint venture for the developers locally.

The property was built as a rental community in 1997 on the historical Floridian Hotel site. The Floridian features views of Biscayne Bay, the Atlantic Ocean, the Miami skyline, the Port of Miami and Star Island. The project's upscale amenities include two resort-style pools, a health spa, fitness center, tennis court, business center, a conference room, laundry and dry-cleaning services, housekeeping services, and a proposed 14 slip, private marina.