Downtown Miami’s 70-Story Okan Tower Celebrates Conversion To Contracts

Okan Tower marked the shift from the reservation phase of the sales process to the contract phase at an event last week, according to social media posts.

Photos show brokers being presented with commissions of $880,000 at the event.

Construction is planned to begin this year, Okan representatives said earlier this month. The project is 20% sold.

If built today, Okan would become Miami’s tallest tower at 70 stories and 890 feet. Others are planned to exceed that height, however.

Okan Tower is planned to include 149 condominiums, 236 condo-hotel units, a 316-key hotel, along with office, retail and restaurant space.

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Anonymous
2 years ago

It really compliments the world center area.

Anonymous
2 years ago

Hurry this up!

Anonymous
2 years ago

They better hurry with construction, before all their views are blocked.

Anonymous
2 years ago

By far my favorite tower going up.
Beautiful design and height.

Anonymous
2 years ago

How are they converting to contracts with only 20% sold? Reservations started over a year ago, only 20% and they’re moving forward? Very odd.

Anonymous
2 years ago

They back this development with their own money.

Anonymous
2 years ago

Condos are only a part of the complex. They are smart.
It will be a success with the hotels, office and retail components

Anonymous
2 years ago

When fleeing an oppressive government anything is possible

Anonymous
2 years ago

Funny, Turkish cities are fueled by speculative real estate these days. It makes Miami look like Ocala. Ain’t nothing wrong with diversifying your portfolio when Turkey’s economy is going down the sh****r.

Anonymous
2 years ago

“When fleeing an oppressive government anything is possible”

Please, don’t talk.. remember, at one time this country was propped up by slavery.

Anonymous
2 years ago

Why the down votes.. can’t stand the truth?

Anonymous
2 years ago

That occurred in most countries like Turkey and we are talking about today you anti-American leftist.

Anonymous
1 year ago

I guess all is smoke. At the office back in march they assured they had 30% sold

EJS
2 years ago

I want this tower up so badly. It’s really a striking bldg. I hope it gets built. Oh, it’ll help my property value too…blush…

Anonymous
2 years ago

Can someone here explain me what is the advantage of buying preconstruction? You are basically committed to a contract several years before the building is completed.
Would like to hear from anyone here. Thanks!

Anonymous
2 years ago

To grossly simplify…
It’s like buying an airline ticket in advance..
Developers run financial models assuming an average sellout price per sq ft.
In order to gain sales momentum they price the pre ground breaking construction unit prices low.
There really is an art to doing this… The good news is that buyers who find intelligent and experienced real estate brokers can navigate the system profitably. Late comers and those who have bad brokers dont do as well. Sometimes, if a market turns, they get fleaced.
Its conplicated.

Anonymous
2 years ago

Thank you for your response…however, if you look at all the projects built post crisis you will see that prices hasn’t gone up and buyers who sold their units did it at a loss. I think buyers are mislead by brokers. Developers make a ton of money, brokers too…but buyers lose. Not clear why they keep buying. It is just a matter of looking at sales which are of public access.

Anonymous
2 years ago

You are right ….. is all an illusion buying pre-construction , after closing , your unit lost 20% if you are lucky , if not more ….. developers create a market price for sale that it is not real with the resale market price reality

Anonymous
2 years ago

What a lame celebration.

Anonymous
2 years ago

lol at the comment count. No one cares about another luxury condo tower.

Anonymous
2 years ago

Um, this is not like reporting about the planning of another freeway connection somewhere to I-95.