By Joe Van Acker

With prices rising and inventory falling, Miami is enjoying an increasingly healthy real estate market. The Astor Companies have announced plans to begin construction of Merrick Manor this summer, making it the first new-to-market condo in Coral Gables in more than five years, another indication that the city is on the right track.

Designed to give locals, young professionals and families a bit of breathing room outside the city center, Merrick Manor will feature 10 stories and 180 units of luxury accommodations and will be brokered by Cervera Real Estate. The property is named for the adjacent Village of Merrick Park and is slated for completion in late 2014.

The condos will contain stainless steel appliances, white quartz countertops, marble flooring in bathrooms and interior design and furnishings by Michael Wolk. Residents also will have access a 10,000 square foot skyterrace pool, indoor/outdoor fitness center and 17,000 square feet of ground-level boutique retail and restaurant space.

The inclusion of shopping and dining options is part of the developers’ plan to embrace the neighborhood’s pedestrian-friendly setting. According to The Astor Companies’ Vice President Peter Torres, convenience is key.

“Luxury shopping, fine dining, and corporate offices are just steps away,” he said. “Coral Gables is ideally located in close proximity to Downtown Miami, University of Miami, Coconut Grove and Miami International Airport.”

Despite the upscale lifestyle offered by the property, buyers won’t necessarily have to splurge, as prices start at about 40% below their boom-era levels. Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, says the property will appeal to those seeking refined urban living.

“The Coral Gables neighborhood feels ‘like home’ for prospective buyers accustomed to a well located, mixed-use setting,” she said, adding, “The value is undeniable.”