MIAMI—Starwood Capital Group, the LeFrak Organization and Invesco have teamed up on 1 Hotel & Residences South Beach. The condos will take up the top floors of the 417-room hotel.

A new brand in the hospitality industry, 1 Hotel is the brainchild of Starwood Capital Group chairman and CEO Barry Sternlicht. He is also the former chairman and CEO of Starwood Hotels & Resorts and creator of the widely successful W Hotels and St Regis hotel brands.

Located at 2399 Collins Avenue, on the  site of the hotel formerly known as The Gansevoort South, the new 1 Hotel & Residences South Beach will be among the first of the new branded line. The concept is healthy lifestyle living centered around nature and sustainability, living well and living smart with no sacrifice.

“We will offer a new, improved way of living to eco-conscious residents who will have to sacrifice nothing,” says Sternlicht. “Though completely private, with a separate porte cochere and lobby, 1 owners will have full access and share all the services and amenities of the adjacent 1 Hotel.”

The collaboration is spending in more than $100 million to transform the existing 1970s structure into a LEED certified, environmentally conscious structure featuring natural materials and finishes. The project will include 163 residential units and duplexes. The property is located next door to the W South Beach and two blocks from The Setai Hotel and Residences.

Fortune International is heading the sales and marketing efforts for 1 Hotel & Residences South Beach. An on-site sales center is set to open May 2013 with residential units ranging from $650,000 to more than $6.5 million.