Developer Bekir Okan is “is very, very aggressive,” and wants to make a statement and contribution to Miami, showing how the developer does business.
There are more than 10 consultants now working on the plans, he said. Construction becomes much more complex when building above 50 stories, he added.
Okan will self-finance construction of the $300 million development, so pre-sales of condos are not vital. There are also 260 Hilton hotel rooms and 236 condo-hotel units, of which some will be able to be rented through a hotel revenue sharing program, and only 163 of those units will be residential only. The developer is “not really worried” about condo sales due to the structure.
Construction is expected to begin within the first three months, with completion in four years. Construction permitting is in progress, with Suffolk as general contractor.