Miami-based developers Lionstone Development and FortuneInternational Realty formed a joint venture to develop theproperty, which is scheduled to be completed in 2009. TheRitz-Carlton Hotel Co. LLC will manage the property.

The project will consist of 86 private residences and 45timeshare units. They will include one-, two-, three- andfour-bedroom units and a few five- and six-bedroom penthouses andtownhomes. Units will range in size from 941 sf to 7,459 sf andprices will begin at the $900,000s. A 1,100-sf sales gallerylocated on the lobby level of the Ritz-Carlton, South Beach wasrecently opened and sales of the private residences have started.Sales of the timeshare units will begin this summer.

A spokeswoman for the project tells GlobeSt.com that the ownerswill have access to the Ritz-Carlton amenities included in theproject. Planned amenities include a dedicated concierge,restaurant and private dining room, fitness facility and spa, fivepools, three whirlpool spas, cabanas and a pool bar and grill."It's hotel-branded but there's no hotel component so buyers willbe getting all the amenities of a hotel without the transientcomponent," she says.