The Estate Companies and PTM Partners Complete Soleste Grand Central Miami's First Large-Scale Opportunity Zone Development

Co-developers The Estate Companies (EIG) and PTM Partners (PTM) have announced the completion Soleste Grand Central. The highly anticipated eight-story, 360-unit rental development at 218 NW 8th St. brings a new standard of living to the Overtown district and is the first large-scale ground-up opportunity zone development to be delivered in Miami-Dade County.

“This is an exceptional milestone for our two firms and for Miami, adding yet another layer to the city’s ascendancy,” stated Robert Suris, managing principal, The Estate Companies. “Miami is one of the greatest cities in the world, and we are thrilled to deliver our distinguished Soleste brand to the Southeast Overtown Park West district. Soleste Grand Central delivers a new standard of luxury rental properties in the area and we are delighted to welcome the community to experience this beautiful property.”

“Over the past two years, the growth in population and industry base in Miami has outpaced any other destination in the U.S., and Overtown, with its rich cultural offerings, central location and proximity to public transit is one of the most exciting submarkets in the City,” added Michael Tillman, CEO and CIO, PTM Partners. “By combining PTM and The Estate Companies’ deep knowledge and expertise in multifamily development, we have been able to deliver on our impact investment focus and develop a Class-A product at a price point that is accessible to renters who have been priced out of many other recent new Class-A developments in Miami. The completion of Soleste Grand Central is a testament to the continued growth in this neighborhood.”

The contemporary-style building was designed by Caymares Martin with interiors by ASG Interior Design. Soleste Grand Central boasts nearly an acre of unparalleled indoor and outdoor amenity space for tenants to enjoy. The fourth floor features 20,000 square feet of amenities, including a state-of-the-art fitness center with virtual trainers, dedicated yoga and Pilates room, and areas for high intensity interval training programs. Post-workout, residents can enjoy the resort-style pool deck or indulge at the spa with relaxation rooms, sauna and massage therapy rooms. The indoor club room offers billiards, shuffleboard, a large communal living room and viewing area that can be modified for intimate or large group events. For a peaceful retreat, a relaxing drink, or outdoor movie viewing, the ninth floor deck provides open lounge areas and summer kitchens. The dramatic two-story marble-clad, hotel-inspired lobby offers a professionally programmed co-working space for residents, communal seating areas surrounded by indoor foliage, and a cafe with flexibility for event use.

Apartments range in size from approximately 442 to 1,082 square feet. Studios, one-, two- and three-bedroom units are outfitted with sleek, modern kitchens with custom cabinets, quartz countertops and designer lighting. Residences include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer.

Nearly 20 percent of units have been reserved for workforce housing with the remaining units offered at market rate.

Soleste Grand Central is a transit-oriented development. In addition to its close proximity to the Virgin MiamiCentral Station, the community is also near the Metrorail, Metromover, bus lines and soon, the Tri-Rail commuter rail. The project is ideally situated adjacent to I-95, the multi-billion-dollar Miami World Center and the Downtown Miami office corridor.

The Southeast Overtown Park West district and the surrounding area is in the midst of revitalization. Marcus Samuelson’s popular Red Rooster continues to generate buzz. Blackstone Group recently acquired two office buildings at Brightline’s MiamiCentral station, marking one of the largest investment sales to close in South Florida this year, and is moving 250 employees into the neighborhood. Make-A-Wish Foundation is building a new nine-story, 35,000 SF office tower in Overtown designed by Arquitectonica, and The Underdeck, a planned 33-acre public park stretching from Overtown to Biscayne Bay underneath the new Signature Bridge is poised to add additional culture, art and beauty to the area.

Miami's First Large Scale Opportunity Zone Development Tops Off At 18-Stories in Downtown Miami

Co-developers The Estate Companies (EIG) and PTM Partners (PTM) have announced the topping off of the 230,430-square-foot, 18-story, 360-unit luxury rental development, Soleste Grand Central (Soleste Grand). Located at 218 NW 8th Street, steps from MiamiCentral Station in Downtown Miami, Soleste Grand represents Miami’s first large-scale opportunity zone real estate development.

“We are thrilled to have reached this significant construction milestone and look forward to delivering an exceptional development to the Downtown marketplace,” stated Robert Suris, managing principal, The Estate Companies. “Soleste Grand Central offers an elevated collection of health and wellness offerings, social components, and cutting-edge amenities at an attainable price point. We are confident this development will set a new standard for luxury rental properties in the area.”

The contemporary-style building was designed by Caymares Martin with interiors by ASG Interior Design. Apartments range in size from approximately 442 to 1,082 square feet and in studio, one-, two- and three-bedroom layouts. Residences also offer modern kitchens with custom cabinets, quartz countertops and designer lighting. Residences include dual master suites, spacious walk-in closets, private balconies and a full size washer and dryer. 

Soleste Grand offers nearly an acre of unparalleled indoor and outdoor amenity space for tenants to enjoy. For a peaceful retreat, a relaxing drink, or outdoor movie viewing, the ninth floor deck provides open lounge areas and summer kitchens that overlook the downtown Miami skyline. The fourth floor features 20,000 square feet of amenities, including a state-of-the-art fitness center with virtual trainers, dedicated yoga and Pilates room, and areas for high intensity interval training programs. Post-workout, residents can enjoy the resort-style pool deck or indulge at the spa with relaxation rooms, sauna and massage therapy rooms. The indoor club room offers billiards, shuffleboard, a large communal living room and viewing area that can be modified for intimate or large group events. The two-story marble-clad lobby offers a professionally programmed co-working space for residents, communal seating areas surrounded by indoor foliage, and a cafe with flexibility for event use.  

“By combining PTM and The Estate Companies’ deep knowledge and expertise in multifamily development, we have been able to develop a Class-A product that we intend to bring to market at a price point that is accessible to renters who have been priced out of many other recent new Class-A developments in Miami,” stated Michael Tillman, CEO, PTM. “On top of that, we have layered in novel amenity and technology offerings that are unlike others we have seen to date in the Miami marketplace and are excited to deliver a desirable home for our future residents.” 

 “The Estate Companies and PTM have a shared vision for the property and what today’s consumer is looking for,” added Jeffrey Ardizon, principal, The Estate Companies. “We believe we have implemented features our tenants value most. The daily conveniences of technology and large open spaces have gained priority, especially during the last few months.”   

Slated for completion in Q1 2021, Soleste Grand Central is a transit-oriented development. In addition to its close proximity to the MiamiCentral Brightline Station, the community is also near the Metrorail, Metromover, bus lines and soon, the Tri-Rail commuter rail. The project is also situated adjacent to I-95, the multi-billion-dollar Miami World Center, and the Downtown Miami office corridor.