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.  

Blue Lagoon Community Gets Much-Needed Rental Development Soleste and A New Name

The Estate Companies, a leading developer of luxury multi-family projects throughout South Florida, has secured its certificate of occupancy (CO) for Soleste Blue Lagoon, a luxury, eight-story development with 330 rental units located at 5375 NW 7th Street in Miami.

The project broke ground in 2017 and move-ins began in October. Because Soleste Blue Lagoon is the only Class A market-rate project in the Blue Lagoon community, home to over 100 multinational companies, it quickly achieved 65 percent lease-up. The Blue Lagoon office community also recently announced a $10 million makeover and name change. The 250-acre office park will rebrand itself as the Waterford Business District, in order to remain competitive with Miami’s growing office market.

Tenants can select from a variety of studios, one, two and three-bedroom units outfitted with sleek, modern kitchens with custom cabinets, quartz countertops and designer lighting, dual master suites, spacious walk-in closets and private balconies overlooking Blue Lagoon Lake. Pricing starts in the $1,500’s for studios, $2,100’s for two-bedrooms, and $2,600’s for three-bedrooms.

“We are proud to deliver this transformative development to the Blue Lagoon area,” stated Robert Suris, managing principal, The Estate Companies. “Our firm is committed to developing beautiful and highly-amenitized communities at a competitive price point. This winning combination makes Soleste Blue Lagoon an attractive and dynamic option for high-quality, professional tenants.”

Like all projects within the Soleste Living brand portfolio, Soleste Blue Lagoon is curated with a vast collection of health and wellness offerings and social components, including a lakeside pool with spa, sundeck and private cabanas, co-ed spa with steam room and sauna, aerial yoga studio, state-of-the-art health and fitness club, spinning room with digital fitness instruction, rooftop garden with life-size chess, hammock and yoga lawn, and an electric car charging station.

This milestone comes on the heels of the firm’s grand opening of Soleste Twenty2, a 338-unit rental community, which is also experiencing high velocities at the current price points.

The Estate Companies is on track to deliver an additional 519 units this year with Soleste Alameda and Soleste Bay Village and has an additional 2,196 units in its pipeline slated for delivery early next year. Notable upcoming projects include Soleste Bay Village, Soleste Grand Central and Soleste Spring Gardens, among others. Its project portfolio features a mix of garden-style, mid-rise and high-rise rental developments in Dade and Broward counties.

By Katya Demina

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.