MIAMI—The Astor Companies just introduced its latest Coral Gables residential development. Dubbed Merrick Manor, the 10-story luxury building offers 180 units is the first new-to-market condo to launch in Coral Gables since Miami's last building boom.

Located at 301 Altara Avenue adjacent to the Village of Merrick Park, construction of the $80 million mid-rise is set to get underway in the summer of 2013. The doors will open in late 2014.

“With prices on the rise in Downtown Miami and a depletion of inventory in the Coral Gables market, there is clear demand from local families and young professionals for new, luxury product at a value,” Peter Torres, vice president of Astor, tells GlobeSt.com. He says Merrick Manor is targeting residents looking for “a luxury lifestyle in the heart of one of Miami's most upscale neighborhoods.”