BAY HARBOR, FL-Developer Eric Harari is building Carat, a 12-unit, four-story development that will combine townhouse and loft-style housing into a new hybrid called "townlofts."

Harari is a principal of MLR Realty, which has been involved in several developments in the area as a developer and a listing agent. However, Harari is developing Carat as an individual, not as a member of MLR Realty. He tells GlobeSt.com that the idea for townlofts was developed while conducting research on the current housing market. "When we were analyzing the market to come up with new development ideas, we found big buildings with lofts and townhomes," Harari says. "We felt that it was a good approach to mix these two ideas."

Carat will be comprised of two buildings at 1100 and 1120 100th St. in Bay Harbor. Units in the Carat will contain four bedrooms and four and one-half bathrooms with a total of 2,854 sf of indoor living space and 424 sf of outdoor space. Each four-story unit will have 11-ft ceilings, balconies on the third and fourth floors, private indoor elevators that start on the ground floor and go to the master suite on the top level, a private pool, garden and patio area and a double-car garage. Prices for the units start from $1.19 million.

Carat offers the attributes of a townhome, such as a separate entrance and private garages, but also features characteristics of a loft residence, such as 11-ft-high ceilings, a private pool and patio, an inside private elevator and low maintenance. Another unique feature of the property is that it will cater to the Orthodox Jewish community, which lives in the area. For example, keys will open the front door so there is no need to push buttons and the lights will be on timers so residents can observe rules of the Sabbath. The kitchens will two ovens, two dishwashers, two separated sinks and two cabinet areas for residents who keep a kosher home.

Harari says demolition of the existing structures on the site has been completed and he anticipates receiving permits and beginning construction on the project within the next two months. He has already received four reservations for units.