Overtown Getting Yet Another Luxury Apartment Complex After Developer Gets Financing For $110M Project

Overtown will be getting another luxury apartment complex after a developer obtained financing to build it, according to the SFBJ.

Soleste Grand Central is now officially under construction, and is said to be a $110 million project. Developer Estate Investments Group was just issued a $55.41 million construction loan from Bank OZK, with another $18 million mezzanine loan from Nationwide Insurance (the remained is likely equity).

Foundation work began in February.

A total of 360 apartments are planned in an 18-story tower. A garage with 438 parking spaces and ground floor retail will also be built.

Of those, 40 will be set aside for lower rent, with a split between affordable, workforce, and low-income housing,

The project site is in an Opportunity Zone.

The neighborhood had a median household income of just $13,211.99 in 2000, spread among 3,646 households. That will be drastically changing with multiple new luxury projects proposed or planned.

Caymares Martin is the architect.

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Anonymous

Nice looking project, let’s keep the density around the urban core coming along!!!

suomynona

I don’t understand how you approve “luxury” housing in Overtown. It should be affordable, workforce, etc units.

Anonymous

If it helps create a mixed income Overtown it could be a good thing.

Anonymous

Injecting money and spenders is good.

POLO

When they use the word “luxury”, it’s not for working class people. Overtown it’s on is way of becoming upscale.

Anonymous

Like it. Time to bring Overtown up to the East side.

Anonymous

What’s wrong with that?

Anonymous

Why?

Azarius

I’m glad they included some work, affordable, and low income housing. This will be a great mix of incomes around some great new urban hubs

Anonymous

40% is being retained for workforce, affordable and low-income housing. It’s in print in the article…….

Anonymous

The article says 40 units out of 360, not 40%.

Anonymous

Mere blocks from *the* public transit hub of Miami and still > 1:1 parking ratio? The Urban review board should be rejecting this.

Anonymous

Unfortunately, it is in the code. Parking minimums should be removed, let the market decide.

Anonymous

It is being designed per code. You want that changed run for office, get elected and propose the change and hope you can get it approved. It is not up to the developer. They need to work within the guidelines provided by the city.

Anonymous

Of those, 40 will be set aside for lower rent, with a split between affordable, workforce, and low-income housing !!!??? And just what do those 3 designations mean ???!! Absolutely disgusting !!!! If you’re getting incentives in a so called “Opportunity errr Gentrification zone” a much larger portion should be devoted to more ‘affordable’ housing ! #EndRant

Anonymous

If there are too many “affordables”, they won’t be able to rent the “luxury”. If you are paying luxury prices, would you want to live next to an affordable?

Anonymous

There’s also finishings. You can save money by putting laminate instead of quartz or granite and real hardwood in more units to provide more affordable/workforce/LIH. When you build it, structurally, they can’t skimp on some units since it’s all one thing, so it’s finishings and maybe access to amenities where they can make their cost differentials to cover for more or less affordable housing units.

Anonymous

Affordable, workforce, and low-income have different income thresholds to qualify. Each has a certain percentage of AMI (area median income) to qualify with workforce being more expensive than affordable. Not sure on low-income’s AMI.

Anonymous

Those others can also have housing built for them in Hialeah, or West Little Havana. Can’t afford it, don’t live there.

Anonymous

Socialist

Anonymous

Don’t rant. Get educated.
1. Affordable, Worforce, and low income are all defined by using a factor of the neighborhood income.

2. Developers/Investors dont receive money for developing in an Opportunity Zones.

Anonymous

We need about 20 more of these in overtown!

Anonymous

Yup

The dude who will never live there!

Luxury next to the 95! Again someone who doesn’t know anything about luxury!

Anonymous

Can someone define luxury if they haven’t set the price of rent yet…

Anonymous

For rentals, luxury usually means the place isn’t a dump.

Anonymous

Granite countertops; open plan; stainless appliances; 24 hour security. Don’t you watch HGTV?

Anonymous

Granite? That’s so early 2000s. It’s all about the quartz now!

Anonymous

It’s a marketing term.

Anonymous

Oh you know cause overtown is bustling with residents with high paying luxury jobs, ready to dive into their luxury apartment lifestyle. So ridiculous and insulting to the community

Anonymous

Sickening. They are kicking all the residents of Overtown out and replacing them with wealthier residents. Without any respect or reference to the rich culture and history that Overtown has. At one point it was known for having some of the most vibrant communities of black owned commerce in Florida before the hiqhway was installed through it and killed the neighborhood. I wish these developers cared enough to revitalize the city and its heritage.

Anonymous

Money talks. This is the world

Anonymous

Same happening in Harlem, NYC. All white rich people moving there now and the old black people are being kicked out.

Anonymous

Wrong.
No one is kicking anyone out.

The highway as a villain narrative is BS.

Anonymous

Where you born in Overtown 70yrs ago and that’s how you know what was said is BS?

Anonymous

let’s build a highway on top of your house and see if you stay

Anonymous

I’ve seen affordable and workforce buildings in Overtown, including ones for old people, which look more luxurious than this box with cheap and nasty irregular balconies.

Anonymous

Dang it, I bet if you had the money you’ll show what should be built!