$100M Soleste Grand Central Breaking Ground In Overtown Within Months

The developers of Soleste Grand Central have closed on the purchase of the property in Overtown where the project is planned.

Construction will begin within the next few months, they said.

Soleste Grand Central will include:

  • 360 rental apartments, with prices that are “approachable and affordable”
  • 18-story tower with 220,000 square feet of total space
  • Elevated pool deck, fitness center and spa, kids’ playroom, coworking space and residents lounge
  • 438 parking spaces
  • 6,500 square feet of retail
  • 2,250 square feet of office

The purchase price for the 1.3-acre site was $9.7 million. An additional $100 million in development costs are expected, bringing total investment to $110 million.

PTM Partners and Estate Investments Group are the developers. PTM filed with the SEC in December to raise $125 million in the PTM Partners Opportunity Zone Fund I LP, according to The DI Wire.

The project is being built in partnership with the Overtown/Park West Community Redevelopment Agency, which is requiring some units be set aside for affordable housing.

Caymares Martin is the architect.  Miami’s Urban Development Review Board has approved the design.