MIAMI—As foreign buyers are snapping up condos from Brickell to Bal Harbour, The Astor Companies is launching a new residential development in Miami's historic Little Havana neighborhood. InTown, a $95 million condominium project slated to rise at 1900 Southwest 8th Street, promises the conveniences of urban living without the steep price tag.

The 14-story, two-tower development will feature 320 luxury residences, and include decorator furnishings designed by Interiors by Steven G. Construction will get underway in September 2014. The project is expected to be completed by early 2016, with prices ranging from the $190s to the $300s.

“While many new residential developments are being constructed in the nearby areas of Brickell and Downtown, Miami's iconic Little Havana neighborhood has remained largely untapped,” says Peter Torres, vice president of Astor. “InTown will give residents in search of luxury living an opportunity to live in one of Miami's most diverse, energetic and centrally-located areas.”

Miami's historic Little Havana neighborhood is known for its culturally-rich and colorful lifestyle, authentic cuisines, and nightlife. InTown will be located just off Southwest 8th Street, also known as Calle Ocho, and 19th Avenue. That's within walking distance of the Tower Theater, Domino Park, shops, art galleries, restaurants, and lounges that have opened in recent years. The neighborhood's revitalization is due in large part to the surging residential and commercial activity in the nearby Downtown Miami/Brickell areas, which is generating a positive spillover effect on the Little Havana district.