Merrick Manor Becomes First New Luxury Condo to Launch in Coral Gables Market Since Miami's Unprecedented Building Boom

The Astor Companies' new residential development adjacent to Village of Merrick Park will break ground in summer 2013 and deliver by late 2014. End Quote

Miami, FL (1888PressRelease) January 10, 2013 - With residential sales activity strengthening in key markets across Miami-Dade County, luxury real estate developer The Astor Companies has unveiled its newest residential development in Coral Gables, one of the city's most prestigious urban neighborhoods. Merrick Manor, a 10-story development with 180 luxury units, becomes the first new-to-market condo to launch in Coral Gables since Miami's last building boom, which saw tens of thousands of new condos delivered to Greater Miami-Dade County between 2003 and 2008. Construction of the $80 million mid-rise, located at 301 Altara Avenue adjacent to the Village of Merrick Park, will get underway in the summer of 2013 - with completion slated for late 2014.

"With Miami's residential market bouncing back faster than many had predicted, now is the time to move forward with the first luxury condo to take shape in Coral Gables in more than five years," said The Astor Companies' Vice President Peter Torres. "Merrick Manor will be the premier address for residents seeking a luxury lifestyle in the heart of one of Miami's most upscale neighborhoods. Luxury shopping, fine dining, and corporate offices are just steps away and Coral Gables is ideally located in close proximity to Downtown Miami, University of Miami, Coconut Grove and Miami International Airport."

The launch of Merrick Manor comes at an ideal time as demand for residential living in Miami reaches fever pitch. Median condo prices have risen by 41% since November 2010 and inventory has fallen by 53%, according to a recent report by the Keyes Company. Much of this activity has taken place in Miami's urban core, where nearly all of the 23,000 residential units built during the recent boom have been absorbed and sales and rental rates continue to rise.

The Coral Gables real estate market is well positioned as growing demand for Miami real estate spills over into the city's most desirable areas, according to Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, the development's exclusive sales and marketing brokerage. "Merrick Manor will cater to young professionals and families seeking refined urban living in Miami as well as international buyers looking to settle in the heart of a premier retail and residential district. The Coral Gables neighborhood feels 'like home' for prospective buyers accustomed to a well-located, mixed-use setting. With prices at Merrick Manor starting at about 40% below boom era pricing, the value is undeniable," said Mrs. Cervera Lamadrid.

Merrick Manor is comprised of one, two, and three-bedroom apartments, with pre-construction prices ranging from the low-$200's to mid-$500's. Residences will feature award-winning interior design and furnishings by the world-renowned Michael Wolk; private balconies offering expansive views of Coral Gables and the iconic Biltmore Hotel; gourmet kitchens featuring white quartz countertops and waterfall islands, Snaidero® Italian cabinets, built-in Bosch® stainless steel appliances, as well as Grohe® and Duravit® plumbing and fixtures; and elegant bathrooms with marble flooring and accents throughout, Snaidero® Italian vanities, and full-size bathtubs mounted on white quartz and travertine tile.

Amenities at the 471,000 square foot property will include a 10,000 square foot skyterrace pool and entertainment space complete with an outdoor kitchen, barbeque, bar/lounge area; a unique indoor/outdoor state-of-the-art fitness center featuring TechnoGym® equipment; a business center/shared office space with computer-ready desks and multimedia screens; 24-hour front desk concierge and valet service; and covered/secured parking. Additional perks include WiFi and Apple® adapted technologies as well as 17,000 square feet of ground-level boutique retail and restaurant space intended to enhance the neighborhood's pedestrian-friendly experience.

The Astor Companies is a well-capitalized, privately held real estate development company based in Miami, Florida with extensive experience in the multifamily industry having spearheaded numerous past projects throughout South Florida, including Brickell Vista, Nordica, Gateway to the Grove, and Valencia. The firm has assembled an all-star design and construction team for Merrick Manor, with Behar, Font & Partners, P.A. serving as the building's design architect; Michael Wolk Design Associates overseeing interior design and furnishings; and South Pointe Construction serving as general contractor.

For information and preconstruction sales opportunities, please contact Cervera Real Estate at 305-779-6870 and visit the Merrick Manor Sales Center opening late January 2013 at 4311 Ponce de Leon Blvd., Coral Gables, FL 33134. Learn more at www.merrick-manor.com.

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