Okan Tower Will Break Ground This Year, Regardless Of Sales

Miami’s tallest tower will break ground this year no matter how many condo units are pre-sold, the developers have announced.

Okan Tower is planned to be built at 70 stories and 890 feet above ground, which is taller than any existing building in Miami or the state of Florida (the developer previously applied for a taller height with the FAA, but a spokesperson told The Next Miami that it will be built at 890 feet).

A sales director for developer Okan Group told the SFBJ this week that construction would begin this year regardless of how many units have been sold.

Construction will be self-financed, in contrast to other developer who must wait for 50 to 60 percent pre-sales for financing, the sales director said.

About 12 percent of units have now been sold, he added.

Okan is now finalizing the hiring of a general contractor. Completion is scheduled for the fourth quarter of 2022, due to the complex nature of construction.

 

28 Comments
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Anonymous
2 years ago

With only 12% sold thats a pretty bold move but if youre the bank then you make the rules I guess. Regardless its a beautiful unique building thatll aid in the transformation of downtown and complement worldcenter nicely!!

Anonymous
2 years ago

Yeah it’s such a beautiful tower that even if they struggle for a few years, on the next upswing of the real estate market this will sell like hotcakes.

Anonymous
2 years ago

Correct

Anonymous
2 years ago

My guess is that they will be above 30% by the time they actually break ground. Not a bad percentage. This is a signature building, they will do well.

Anonymous
2 years ago

ain’t no bank makin no rules…..they’re self financed. Str8 cash homie

fake news
2 years ago

this is major russian/Turkish money laundering

Anonymous
2 years ago

Say it aint so! Haha!!

Anonymous
2 years ago

If that bothers you, watch the documentary “COCAINE COWBOYS” again.

A. Nonymous
2 years ago

They prefer the term “ruble recycling”.

Anonymous
2 years ago

Probably true.

Anonymous
2 years ago

Could be. More likely Turkish flight capital.

Anonymous
2 years ago

Bae

Anonymous
2 years ago

Or a plan to overvalue the US economy

Anonymous
2 years ago

Beautiful

Anonymous
2 years ago

Beautiful design…… this area will be the next Brickell

Anonymous
2 years ago

Beautiful building. If it had a spire would have been even more so. I’m glad it’s happening and 2022 is not bad at all considering how time has been flying.

Anonymous
2 years ago

I thought Miami 21 doesn’t allow driveways onto main streets?

Anonymous
2 years ago

It’s not like try didn’t ask for waivers, which are frankly warranted here, unlike every other Related project.

fake news
2 years ago

which street is main?

Anonymous
2 years ago

N Miami Ave.

Anonymous
2 years ago

Anything is alright if you grease the correct palms !

Anonymous
2 years ago

I’ll believe it when the groundbreaking starts and there’s saxophone jetpack girl.

Anonymous
2 years ago

Just maybe, we will finally get a developer that will not fool the public and the city of Miami with fancy renderings, only to dissapoint with a plain Jane final product. Let’s hope this final product looks like the fabulous rendering.

Anonymous
2 years ago

Finally a tower proposed for Miami that has a top to it! Not the greatest design, but it’s definitely a start and an improvement over the rectangular boxes all over the place.

Anonymous
2 years ago

crown

Anonymous
2 years ago

I like rectangular boxes, as long as it’s a lot of them

Anonymous
2 years ago

just make the thing 900 feet plz

Thomas L. Buyea
2 years ago

Will this building have a giant “Completion Guarantee insurance policy?” or will a collapse of the financing at the half way built point end up with the City or County taking over and completing It paid for with our tax dollars and then run an ongoing massive loss like the Dade County 30 floor office building that was sold to a German company and then leased back for the County to Use if I remember correctly leaving something like a $100,000,000 slush fund for a few high ranking County Officials to share !