(To read more on the multifamily market, click here.)

MIAMI-Locally based developers CMC Group, Lionstone Development and Ponte Gadea Group have begun construction on the Epic Residences & Hotel. The 54-story property is rising at 300 Biscayne Blvd. Way.

The architect on the project is Luis Revuelta, of Revuelta Vega Leon. The project will contain both condominiums and hotel rooms. The hotel will occupy 15 of the floors and contain 400 rooms. It will be managed by San Francisco-based Kimpton Hotels & Restaurants. Project costs were not released but the value of similar projects ranges from $160 to $200 million.

There will also be 340 one-, two- and three-bedroom condominiums ranging in size from 1,040 sf to 7,840 sf. The units are priced from the $500,000s. The project will contain a rooftop upper penthouse with entertainment rooms and a private terrace atop the tower.

Among building amenities are a 12,000-sf spa and fitness center, restaurants and lounges overlooking the Miami River and Biscayne Bay, a private boat dock, business center and two pools. Residents of the condominiums will be able to purchase amenities on an a la carte basis, Veronica Cervera, president of Cervera Real Estate, the project’s exclusive sales agent, tells GlobeSt.com.

“We’re finding that the building is attracting people who want to live in the city and walk to places,” Cervera says. “The performing arts center will be completed by the end of the year and it’s bringing a lot of energy to that area.”

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