Gary Prosterman, principal of Gables Centre LLC, tells GlobeSt.com that the project is a joint venture between Memphis-based Development Services Group, which specializes in hotel development, and Atlanta-based City Centre Properties, which specializes in mid- and high-rise residential development.

The project will contain 83 one-, two- and three-bedroom condominium units ranging in size from 792 sf to 1,418 sf and 117 studio and one-bedroom hotel condominium units ranging in size from 428 sf to 928 sf. Preconstruction prices for the condominium units will start at the mid-$400,000s and for the hotel condominium units start from the mid-$200,000s. "It's a true mixed-used development. Residents of the condominium will have access to the hotel services on an a la carte basis," Prosterman says.

Prosterman says Gables Centre acquired the site about a year ago from another developer, which had assembled the lots over a four-year period and obtained approvals for the project. The hotel condominium units will be managed by Hilton Hotels when not occupied by owners. Under deed restrictions in Coral Gables, owners can only occupy units for 90 days per year and 30 days per visit. "What we like about this project is there hasn't been a hotel built in Coral Gables in 25 years because of high barriers to entry," Prosterman says.