Plans for a 49-story downtown Miami tower called The Elser Hotel & Residences have been announced.

The project was formerly planned to become a rental tower called Society Residences, with 646 apartments.

The Elser will also have 646 units, but they will be sold as fully-furnished condos instead.

Owners at The Elser will be permitted to rent their units on a daily basis. There will also be an in-house short-term rental program that owners have the option to use, professionally managed by hospitality company Highgate.

Units will be ready for delivery this summer.

Condo sizes will range from 404 to 1307 square feet, with prices from the $600s or the equivalent cryptocurrency exchange rate.

Amenities include a double-level amenity deck spanning over 19,000 square feet overlooking Downtown Miami and Biscayne Bay, a 132-foot resort-style pool with private lounge areas, a 16-foot poolside screening LED wall, co-working spaces, oversized modern gyms and more. The property will include a new lobby cocktail bar and restaurant by the creators of Jaguar Sun as well as a coffee lounge by Cafe Domino.

Interior design is by Cotofana, while the tower itself was designed by Sieger Suarez.

PMG and Greybrook Realty Partners are the developers.

“Downtown Miami is the city’s most desirable location for luxury real estate, resulting in high levels of demand met with record-low inventory,” said Ryan Shear, Managing Partner of PMG.

Miami is now experiencing a “population, tourism and corporate relocation boom” that has resulted in “historically low resale inventories,” added Peter Politis, CEO of Greybrook.