The former Miami Heart Institute building will be overhauled and redeveloped as the first Ritz-Carlton Residences in Miami Beach.
Miami Beach developer Lionheart Capital is building the seven-acre project, which will feature 126 residences, including 111 condos and 15 single-family homes. Lionheart signed a 30-year licensing and management agreement with Ritz-Carlton to operate the project.
"This will provide 5-star-hotel-style service in a fully residential community with no transient guests,'' Ophir Sternberg, CEO of Lionheart Capital, told The Miami Herald.
Lionheart paid $20 million for the site in February 2012 to develop its second project with the luxury hotel brand -- the first was The Ritz-Carlton Residences Singer Island.
The Miami site will be stripped to the core, keeping enough of the structure to its height and uninterrupted views, the company said.
The two- to four-bedroom homes in Miami Beach will range in size from 1,700 square feet to more than 10,000 square feet. Luxury amenities will include a roof-top pool deck, infinity-edge pool with waterfall, screening room and 24-hour concierge.
Prices for The Residences range from $2 million to $25 million for penthouses. Maintenance fees for units will be about $1 per square foot per month, or about $3,000 for a 3,000-square-foot unit.
Sales are set to begin in mid-November, the company said.