A developer hopes to revive Little Havana’s residential market with a 320-unit condominium tower, where the units will start in the $190,000 and move into the $300,000s.
The $95 million InTown complex will consist of two 14-story towers at what is now a vacant lot at 1900 SW 8th Street. Developer Astor Companies, the Miami builder behind Brickell Vista, Gateway to the Grove and Merrick Manor, expects to start construction to start in September, and the units ready for occupancy by early 2016.
Condo broker Alicia Cervera, whose firm is handling InTown’s sales, said the developer is targeting foreign investors looking to buy into Miami’s recent boom in pre-construction condo sales. InTown will be selling for about 25 percent less than comparable condo units near the water, Cervera said.
While brokers were concerned when sales began to slow several months, Cervera said investors are still eager to buy when a new project comes onto the market. With developers launching so many tower projects, it’s gotten harder to find enough inventory to satisfy the foreign buyers.
“Land is scarce, and we’ve moving west,’’ she said. “We started on the water, and the waterfront has filled in.”