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:
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.