The Estate Companies Obtains Site Plan Approval For Soleste on the Bay Luxury Waterfront Rental Development

The Estate Companies (EIG) has obtained unanimous site plan approval for Soleste on the Bay, a 759,439 square-foot, 28-story luxury waterfront rental community with 363 units, 17,000 square feet of commercial space and 645 parking spaces at 16375 Biscayne Blvd. in North Miami Beach. The city commission voted unanimously in favor of the project on Aug. 16th. Groundbreaking is slated for Q4 2022. The Estate Companies was represented by Land Use Counsel, Ethan Wasserman, of Greenberg Traurig, LLP.

This is The Estate Companies’ second major investment in North Miami Beach. Located directly next door to Soleste on the Bay, construction is underway on Soleste NoMi Beach, a 23-story rental community with 367 units and 2,708 square feet of ground floor commercial space. The project broke ground in October 2021.

Tenants can select from a variety of studios, one-, two- and three-bedroom units ranging in size from approximately 550-1,250 square feet.

Like all projects within the Soleste Living brand portfolio, Soleste on the Bay will be a highly amenitized development with a vast collection of health and wellness offerings and social components, including a 10th floor amenity deck with two resort-style pools, spacious sundeck, game room, yoga room, spinning room, lounge, state-of-the-art fitness center and cinema.

The 2.15-acre waterfront property is located on the south side of the Royal Glades Canal with water views to the north and east. The site offers easy access to the 163rd Street Causeway, which connects to US-1 and A1A and all major arteries. The project is also in close proximity to Greynolds Park and within minutes to the beach and two of Florida’s premier shopping destinations, the Aventura Mall and legendary Bal Harbour Shops.

The Estate Companies is one of Florida’s largest and most active multifamily development firms with more than 4,000 rental units and 153,000 square feet of commercial space in the pipeline throughout the tri-county region. The firm recently completed and sold Miami’s first large-scale, ground-up opportunity zone development, Soleste Grand Central in Downtown Miami. Development is also nearing completion on Alture Westland, a hotel conversion in Hialeah, and Soleste Spring Gardens in Miami’s historic health district. The Estate Companies recently completed and sold Miami’s first large-scale opportunity zone development, Soleste Grand Central in Downtown Miami. In addition to two projects in North Miami Beach, the firm has projects in various stages of development in Dania Beach, Spring Gardens, Hollywood, Riviera Beach, Lauderhill, Pompano Beach and West Palm Beach, among others.

THE ESTATE COMPANIES GRANTED SITE PLAN APPROVAL FOR SOLESTE POMPANO BEACH LUXURY MIXED-USE RENTAL COMMUNITY

The Estate Companies (EIG), a leading developer of luxury multi-family projects throughout South Florida, has obtained site plan approval from the City of Pompano Beach for Soleste Pompano Beach, an eight-story, mixed-use community with 253 luxury apartments and 4,000 square feet of commercial space at 208 N. Federal Highway in Pompano Beach.

“We are extremely excited to bring this project to the City of Pompano Beach and thank the city officials, planning and zoning board, and staff for their confidence and support,” stated Nicholas Diaz-Silveira, senior development associate at The Estate Companies. “This community-oriented development will provide a truly enhanced lifestyle experience for residents through our vast collection of luxurious amenities and social components at an attainable price point.”

Ranging in size from 450 to 1,050 square feet, Soleste Pompano Beach will include studio apartments, one- and two-bedroom units, and live-work units with a combination of residential and business space. A parking garage will include 367 spaces with another 11 parallel parking spaces at the ground level.

The Estate Companies is known for its Soleste Living brand portfolio of luxury multi-family rental developments throughout South Florida, all of which feature health and wellness offerings and social components. Soleste Pompano Beach will include a resort-style pool and amenity deck with fitness center on the sixth floor and public open space with a picnic area.

Soleste Pompano Beach is situated on one of South Florida’s main arteries, U.S. 1, just north of East Atlantic Boulevard, and in close proximity to many local attractions including the beach and a myriad of entertainment and dining options. The project is slated to break ground toward the end of Q3 2022.

The Estate Companies has numerous other projects in various stages of development throughout the tri-county region including Hialeah, Spring Gardens, North Miami Beach, Hollywood, Dania Beach, Riviera Beach, and West Palm Beach.

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.

The Estate Companies Sells Soleste Twenty2 Multifamily In West Miami For $97 Million

The Estate Companies, a subsidiary of Estate Investments Group (EIG), has sold the Soleste Twenty2 multifamily apartment complex in West Miami for $97 million. Soleste Twenty2 is located at 2201 Ludlam Rd. and was developed by The Estate Companies in 2019. The buyer was the Dallas-based Westdale Real Estate Investment & Management Co. and the deal was overseen by Neyda Bravo and Luis Gonzalez of Bravo & Partners Realty. The stabilized multifamily property was 95% leased at the time of sale. Soleste Twenty2 rises 8 stories and features 338 units with amenities which include a rooftop lounge, pool deck with cabanas, sauna, fitness center, yoga room, jogging/walking trail, dog park, coworking space, game room and playground.

The Estate Companies, Merrimac Ventures And Tricera Capital Secure $56 Million Construction Loan For Soleste Cityline Apartments

The Estate Companies, Merrimac Ventures and Tricera Capital have secured a $56 million construction loan for Soleste Cityline, a multifamily development planned in Dania Beach. The loan was provided by Synovus Bank and the development partnership plans to break ground by the end of Q1 2021. The 2.2-acre site was acquired in September 2020 for $8 million. The Estate Companies is a subsidiary of Estate Investments Group (EIG), Merrimac Ventures is led by Dev Motwani and Tricera Capital is led by Scott Sherman.

Soleste Cityline was designed by Caymares Martin. The development will be located at 4 N Federal Highway and will rise 8 stories featuring 340 apartments with 12,800 square feet of retail. Units will range from roughly 600 square foot studios to 1,200 square foot three-bedroom floor plans. Amenities will include a pool deck with grilling stations, fitness center, community room and private event space. Upon expected completion in 2023 the retail portion will be owned by Merrimac Ventures and Tricera Capital, both firms have been very active developing and acquiring retail properties in South Florida.

The Estate Companies Gearing Up To Break Ground On Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), is gearing up to break ground on Soleste NoMi Beach in North Miami Beach. The project, which is located at 16395 Biscayne Blvd., will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. The Estate Companies acquired the site in December 2020 for $13.1 million after the project, designed by Form Group, was approved in September 2020.

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.  

The Estate Companies Acquires Former Ramada Hotel in Hialeah for $15.25 Million

The Estate Companies (EIG), a leading developer of luxury multi-family projects throughout South Florida, has announced the $15.25 million acquisition of a five-acre site occupied by a former Ramada Hotel at 1950 W. 49th St. in Hialeah. The closing took place August 7th with $11.5 million in financing arranged by LV Lending, a local private lender. The loan was facilitated by Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending on behalf of 1950 Hialeah Holdings, LLC, an entity of The Estate Companies (EIG). 

The non-operational 258-room Ramada hotel was originally constructed in 1970 with expansions completed in 1973, 1979 and 1988. The site is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit, providing extremely high visibility and accessibility.  

“We are thrilled with this acquisition as it presents a rare opportunity to own all the fundamentals we look for in an asset,” stated Jeffrey Ardizon, principal, The Estate Companies. “The site is situated on arguably the City of Hialeah’s busiest corridor and main artery. The City of Hialeah is a market with very high barriers to entry, strong demographic support and close in proximity to some of the largest employment hubs in South Florida. In addition, the area offers great walkability with a variety of social, dining and entertainment options, including the Westland Mall, just a short distance away.”

Ardizon added, “The distressed hotel sector has created investment opportunities that firms like ours are ready and able to capitalize on. Not all sites are created equal, and buyers need to be nimble and flexible in order to ensure repurposed assets meet the current market demands.” 

“We take our hats off to Camilo Niño and his team at LV Lending who arranged our financing in such a short period of time,” Ardizon added. “They were seamless in their execution and a pleasure to work with on this transaction.” 

Estate Investments Group Secures $52 Million in Construction Financing For Soleste Blue Lagoon

Estate Investments Group (EIG), one of South Florida’s most prolific multifamily developers, announced today that it has secured $52 million in construction financing for a new rental community in the Blue Lagoon neighborhood of West Miami (November 6, 2017). The loan was underwritten by Florida Community Bank (FCB), and will fund the development of the 330-unit Soleste Blue Lagoon rental community, located at 5375 NW 7 Street in Miami. Soleste Blue Lagoon is the latest EIG-developed property financed through FCB, with prior construction loans funding the development of Soleste Club Prado and Soleste West Gables II. The construction loan is the latest in a series of recent high-profile milestones from EIG, including the recent approval for the development of the 200-unit Soleste Bay Village, in The Village of Palmetto Bay; the approval of the 338 unit Soleste Twenty2 in West Miami, and the $59 million sale of the recently completed Soleste West Gables II, also in West Miami.

“Our unmatched location, designs and amenity offerings are leading each of our properties to consistently over-perform. We’re confident this positive trend will continue in the long-term, especially as the region’s growing base of well-educated young professionals drives demand for urban rental communities to new heights,” said Robert Suris, Founder and Principal of EIG. “We’re proud to partner with such an established financial institution like Florida Community Bank and look forward to working together to raise the bar for rental living.”

Soleste Blue Lagoon will feature units that come in studio, 1, 2, and 3-bedroom floor-plans and range from 400 SF to 1,100 SF. Residences feature sleek modern kitchens with custom cabinets, quartz countertops and designer lighting, full-size washer and dryers as well as impact resistant glass. The property will also include sprawling terraces offering dramatic views of Blue Lagoon lake. Amenities include a lake front resort-style pool, sun deck with private cabanas, and private beach with sand volleyball court, resident lounge, state-of-the-art health and fitness club, and a rooftop serenity garden as well as water-based activities in the lake. Rental prices will start in the low $1,300s. Construction on Soleste Blue Lagoon is expected to be completed by summer 2019.