Turkish developer Okan Group is moving forward with construction of their 70-story Okan Tower in downtown Miami, which will become the tallest in the city.
Contractor Suffolk Construction applied this week for a construction permit to begin the work, city records show. The application was filed for on September 16, with a fee of $447,944 charged by the city’s Building Department.
The project had already been sent last year for review by the Planning & Zoning Department, but no review by the Building Department has yet taken place (a construction permit filed for last year by a consultant was just a dry run).
It will likely take months for a construction permit to be issued, but contractors could also opt for another permit that allows foundation work to begin sooner if they choose to do so.
The newly filed permit estimates a hard construction cost of $159,980,000.
The permit also states there will be 316 hotel rooms, 399 residential units, 65,828 square feet of office, and 2,915 square feet of retail.
Hotel rooms and condo-hotel units will be managed by Hilton, with the property to become known as the Hilton Miami Bayfront.
Earlier this summer, the developer converted reservations of condo units into contracts, and issued broker commissions.
When completed, the tulip-shaped Okan Tower will top off at 890 feet above ground, a height that is taller than any other building in Miami.