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 Recently Completed Soleste Alameda Multifamily Development In West Miami For $83 Million

The Estate Companies (EIG) has sold Soleste Alameda, a recently completed luxury eight-story development with 306 rental units at 6320 SW 8th St. in West Miami. Dallas-based Westdale Real Estate Investment and Management (Westdale) acquired the asset for approximately $83 million. Soleste Alameda was completed in Q2 2020 and was over 90% leased at the time of sale. The closing took place June 22nd.

“Soleste Alameda leased up during the height of the pandemic, which presented its own set of challenges throughout the industry,” stated Jeffrey Ardizon, principal, The Estate Companies. “However, Soleste Alameda continued to perform well throughout, a testament to demand to the submarket and strong fundamentals all around.”

This is the second development that The Estate Companies sold to Westdale this year. In April, Westdale acquired the newly completed Soleste Twenty2 in West Miami for $97 million.

The Soleste Alameda community features a variety of studios, one and two-bedroom units outfitted with sleek modern kitchens, stainless steel appliances, elegant porcelain floors, contemporary chrome fixtures, washer and dryer, private balconies, and oversized impact-resistant windows and sliding glass doors.

Like all projects within the Soleste Living brand portfolio, Soleste Alameda is a highly amenitized development curated with a vast collection of health and wellness offerings, social components and pet-friendly features, including a tropical pool deck with sundeck and private cabanas, state-of-the-art fitness center with yoga and spin studios and on-demand fitness programming, secured parking with electric car charging stations, children’s playground, dry cleaning service and Luxer One package management technology. A resident entertainment lounge with a cybercafé, al fresco dining and grilling areas provide additional entertainment and comfort for residents.

The Estate Companies is one of the most active multifamily developers in Florida. The firm is nearing completion on Miami’s first large-scale opportunity zone development, Soleste Grand Central in Downtown Miami. Development is underway on Alture Westland, a hotel conversion in Hialeah, as well as luxury developments in North Miami Beach, Dania Beach, and Spring Gardens within Miami’s health district, among others

The Estate Companies Locks Down $76 Million Construction Loan For Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), has locked down a $76 million construction loan for Soleste NoMi Beach apartments in North Miami Beach. The financing was provided by Bank OZK was arranged by Brian Gaswirth and Michael DiCosimo of JLL. The developer plans to break ground by the end of June after closing on the site in December 2020 for $13.1 million.

When complete, Soleste NoMi Beach will rise 23-stories and will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. Amenities will feature a pool deck, spa, fitness center, co-working space and a landscaped rooftop garden.

Soleste NoMi Beach was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd.

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.

The Estate Companies Acquires Site For Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), has closed on the future site of Soleste NoMi Beach in North Miami Beach for $13.1 million. The project was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd. and currently features an 8,249 square foot retail building which will be demolished. The seller was Biscayne Cove LLC, an entity managed by Enrique R. Puig, and the deal included $1 million in seller financing. When complete, Soleste NoMi Beach will rise 23-stories and will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. Amenities will feature a pool deck, spa, fitness center, co-working space and a landscaped rooftop garden.

The Estate Companies Secures $36M Construction Loan For Luxury Rentals in Miami's Health District

The Estate Companies, a leading developer of luxury multi-family developments throughout South Florida, has secured a $36 million construction loan from Bank OZK for Soleste Spring Gardens, an eight-story Class A, 240-unit luxury rental community at 1033 Spring Garden Rd. within the Miami’s historically designated Spring Garden district and Health District. The closing took place September 9th. 

Soleste Spring Gardens will offer studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Like all projects within the Soleste Living brand portfolio, Soleste Spring Gardens will be a highly amenitized development with a vast collection of health and wellness offerings, social components and pet-friendly features, including a resort-style pool with spacious sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations. 

“Soleste Spring Gardens represents a major investment in the historic Spring Gardens District, an area we have been extremely bullish on for quite some time,” stated Jeffrey Ardizon, principal, The Estate Companies. “We have a strong track record of strengthening neighborhoods by offering luxury rentals at an attainable price point. I take my hat off to Bank OZK, along with all of our partners, for their continued commitment and confidence in our business plan. The entire team worked tirelessly to get this project financed in record time.” 

Ardizon added, “The Miami Health District is home to the nation’s premier medical and research programs and a growing hub for the biotech industry. We look forward to delivering a Class A community to this quaint yet burgeoning area.” 

Soleste Spring Gardens offers a bevy of conveniences for working professionals who will value its central location and access to public transportation. The site is just two blocks from the Culmer Metrorail Station, which provides a six-minute ride to the Brightline rail stop, and abuts on one of Miami’s main arteries, the Dolphin Expressway. Soleste Spring Gardens is also less than three miles from Brickell and the Downtown Miami office market, which represents the largest office market in South Florida, and is in close proximity to Downtown Miami’s Arts & Entertainment District, Midtown Miami, the Miami Design District and Wynwood.

Miami’s Health District is the second-largest medical district in the U.S. after Houston with approximately 30,000 employees and home to world-famous Jackson Memorial Hospital and the University of Miami Hospital. 

The Estate Companies is also developing Miami’s second large-scale opportunity zone development, Soleste Grand Central in Downtown Miami, and recently acquired of a five-acre site occupied by a former Ramada Hotel in Hialeah with plans for redevelopment. In addition to Soleste Spring Gardens, the firm plans to break ground on two new projects this year in Dania Beach and North Miami Beach.