Construction Tops Off at Miami Luxury Tower
- Aug 06, 2020
Developers of a 360-unit luxury rental tower in Miami have topped off construction at the 18-story project, marking the first large-scale real estate development to rise in an opportunity zone in the city.
The Estate Cos. and PTM Partners are co-developing Soleste Grand Central, a residential community situated in the heart of downtown Miami on NW 8th Street. Designed in a contemporary style by architectural firm Caymares Martin, the community will house a mix of studio, one-, two- and three-bedroom layouts ranging in size from 442 to 1,082 square feet. Unit interiors, designed by ASG Interior Design, will feature custom cabinets, quartz countertops, walk-in closets, private balconies and in-unit washers and dryers.
A wide range of amenities will be available for residents of the community, including 20,000 square feet of amenities on the building’s fourth floor. Offerings will include a fitness center with virtual trainers, yoga and Pilates room, swimming pool, sauna, massage therapy rooms, billiards, shuffleboard, co-working space, lounge deck and café.
Construction broke ground on the $110 million project in early 2019, according to The Next Miami. Last year, the development team landed a $55.4 million construction loan from Bank OZK to build the residential property, according to Yardi Matrix data.
The community is considered a transit-oriented development and is located close to the Virigin MiamiCentral Station, the Metrorail, Metromover, bus lines, Interstate 95 and the soon-to-come Tri-Rail commuter rail. Soleste Grand Central is slated to be complete in the first quarter of 2021.
PTM Partners CEO Michael Tillman said in prepared remarks that the development teams sought to build a Class A property at an accessible price point for renters who had been priced out of other recent Class A residential properties in Miami.
Last month, Melo Group opened Miami Plaza, its fourth multifamily project in Miami’s Arts & Entertainment District since 2016. The 425-unit high-rise building was the final piece of Melo’s plan to bring 2,300 transit-oriented rental units to the area.