Vertical Construction Underway At $110M Soleste Grand Central In Overtown

Two tower cranes have been installed at Soleste Grand Central, marking the start of vertical construction for the luxury residential building in Overtown.

The project will include 360 Class A multifamily units in an 18-story tower. There will also be ground floor retail, and a parking garage with 438 spaces. 40 of the units will be set aside for workforce, low income and affordable housing.

Brightline/Virgin Rail’s high speed train station at MiamiCentral is nearby, as is Metrorail, Metromover and a Tri-rail station. The land itself is within an Opportunity Zone.

The area is booming with newly proposed projects, including Atlantic Pacific’s 36-story tower with 616 apartments at Block 45 one block east, and Swerdlow Group’s Sawyer’s Landing one block south with 290,000 square feet of retail and 506 residential units, among other uses.

Estate Investments Group is the developer of Soleste. Caymares Martin is the architect.

 

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Anonymous

All this new construction from the ground up and Mana can’t even renovate some buildings.

Anonymous

It’s not “can’t”. It’s “doesn’t want to”.

Anonymous

Honestly a really nice looking building, especially for the area

Anonymous

It’s a really ugly looking building, along with the Swerdlow proposal. Beggars can’t be choosers sure, but at least have some quality standards. URDB is useless unless it’s something next to an architect board member’s proposed tower.

Anonymous

Miami is booming

Shawn Kouri

2021 Completion

Anonymous

Pretty sweet deal for the low-income renters. Everyone else will have to double up to afford the rent.

Anonymous

No Wednesday posts? 👎

Anonymous

We should get Friday posts in compensation.

Anonymous

I suspect it is due to Yom Kippur as they were also way during Rosh Hashanah

Anonymous

tfw no TNM today 🙁

Anonymous

Serious question for someone who may know. How does a building like this cost $110 million and then Okan estimates hard construction costs at $159,980,000. I understand that hard construction costs may not include all the finishing touches but what am I missing? Even at if the additional costs doubled the cost of Okan, they still seem to be coming in so low. Panorama was something like 800 million. Any ideas? Genuinely curious.

Anonymous

The overall project is probably $110m or they are overstating for media purposes to boost up their general contracting and concrete brand.

Anonymous

I had the same feeling when I read the article. it makes no sense.

Anonymous

Maybe the land is included in the price?

Really???

The $110M for this project is the entire development cost. It inclused the $9.7M purchase for the land. So the rest of the development cost is $100M. Hard cost is probably only 75% of that so $75M. The $160M for Okan is the construction hard cost. So it’s really like $75M vs $160M.

Anonymous

Which makes perfect sense but then makes you wonder how panorama came in at $800M

Anon

The hard construction costs of the Okan Tower will definitely be way more than $160M. They’re likely phasing the permit so that Okan will build the shell, and the Tenant buildouts (hotel and office) will be down the separately permit and have their own financing and estimate of hard costs. It allows them to move forward on shell construction while working on 100% CDs.

Anonymous

blah blah too much parking, blah blah close to train station, copy/paste

Anonymous

Is that your contribution? Why not just be quiet and we can all go onto someone else’s comment.

Anonymous

But he’s right.

Go Miami go!

wonderful!

Anonymous

Does anyone know what concessions, if any, were given to the condos that are going to surround this development? They lost the only amenities they had.

Anonymous

Too much parking. Maximums are needed. 0.5 per unit.

Anonymous

Not enough parking. 2 spaces per unit plus space for a motorcycle or personal watercraft are needed.

Anonymous

Then I also need a place for guests down in the garage, I rather not having them sleeping inside my unit.

Anonymous

Remember, 9,000 sq. ft. of retail & office – where would you like for them to park?