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MIAMI-Chicago-based developer the Levy Organization is renovating the Fairfax at 18th Street and Collins Avenue into a 53-suite hotel that offers fractional one-quarter ownership.

The three-story Fairfax, which is currently an 86-room hotel, will be turned into suites that range in size from 450 sf to 575 sf. The designer on the project is Todd Oldham and chef Tony Mantuano has opened Enoteca Spiaggia, a compliment to the Spiaggia restaurant in Chicago. Work has started on the project with sales expected to begin in November. The project is expected to be completed in fall 2007.

Under plans for the property, buyers will be able to purchase 13 weeks of the year for an average cost of $225,000 to $395,000. The project has an estimated sell-out of $60 million, the Levy Organization chairman and CEO Larry Levy tells GlobeSt.com.

Levy says he planned the project based on his own experience with fractional ownership with a property in Cabo San Lucas, Mexico. Under that ownership plan, buyers purchase a certain number of weeks, but have to bid on the weeks during the year they want. “With the Fairfax, you’re buying the schedule but will have the ability to switch it if you want,” Levy says. “I created the Fairfax in the image of what I wanted out of fractional ownership.”

The suites will contain renovated bathrooms that feature Philippe Starck-designed Jacuzzi tubs and custom Todd Oldham-designed patterned bath and hand towels. The suites will contain a kitchenette, with features including custom terrazzo countertops and Kohler sinks, Subzero freezer/refrigerator. “The units are very ergonomically designed,” Levy says. “It’s like being on a high-end yacht.”

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