The project, to be constructed along 200 feet of private beachfront, will have 87 residences, including 30 ocean residences and 57 hotel/condominium suites in three seven-story towers. The towers will contain studio, one-, two- and three-bedroom floor plans ranging in size from 563 sf to 3,700 sf. A block away at Fourth Street and Collins Avenue, the seven-story Savoy Lofts will include 24 loft units. Owners of the lofts will have access to Beach Club and amenities at the Savoy.

CMA Development Group partner Gary Cohen tells GlobeSt.com that the facade of the existing Savoy Hotel building, which was acquired in 2005, will remain intact. The developer acquired the Savoy Hotel at 455 Ocean Dr., along with a 19,500-sf parking lot parcel around the corner, for $33 million. The project is expected to be completed two years after groundbreaking.

The architect on the project is Allan Shulman and the interior designer is Charles Allem. Fendi Casa, the home design wing of the fashion brand, will provide furnishings, furniture and hand-crafted Italian linens. The developer acquired the Savoy Hotel at 455 Ocean Dr., along with a 19,500-sf parking lot parcel around the corner, for $33 million.

"The location for this project is perfect," Cohen says. "The project is 100 yards away from Ocean Drive and a few blocks away from Joe's Stone Crab."

Cohen says sales efforts on the units began about a week ago. The condo hotel units are selling for $700,000 to $1.2 million, the ocean residences for $1.5 million to $6.5 million and the loft units from $500,000 to $1.5 million.