The coronavirus pandemic thwarted some developers, but not the Estate Cos.
The company starts another multi-family project. Located in North Miami Beach, it is close to the progress of the Miami River Tower and the imminent completion of its Overtown Apartments.
South Miami-based Estate plans to begin construction of the 23-story Soleste NoMi Beach with 367 residential units by the end of the year, following approval from the city commission on Tuesday.
The building will be erected on 1.8 acres on the Royal Glades Canal east of Biscayne Boulevard and will replace a single story retail building on the property.
The 685,957 square meter Soleste NoMi will have 2,708 square meters of commercial space and 655 parking spaces.
The one-, two-, and three-bedroom units, ranging from 700 square feet to 1,300 square feet, will feature quartz kitchen countertops, walk-in closets, and private balconies.
"Soleste NoMi Beach will offer the most comprehensive package of amenities on the market and offer luxury rental options at an affordable price," said property manager Jeffrey Ardizon in a press release.
Amenities include a pool with a sundeck, a waterfront promenade, a gym, a spa, a rooftop garden and coworking stations.
Site plan approval came less than a week after Estate closed a $ 36 million construction loan for Soleste Spring Gardens, and a month after the developer completed the Soleste Grand Central, due to be completed early next year.
The eight-story Soleste Spring Gardens with 240 residential units are to be built in the historic Spring Garden district of Miami north of the Miami River as part of the development boom in an area that attracts developers from large employers in the Health District and the Civic Center.
The 18-story 360-unit Soleste Grand Central is located in an opportunity zone west of Brightline's MiamiCentral station.
State-designated opportunity zones are considered economically difficult and must be renovated or newly established. According to the 2017 federal law on tax revision, investors with OZ investments can defer capital gains taxes.
Estate, which has developed apartments in West Miami and Palmetto Bay, among others, recently purchased a long-closed Ramada hotel in Hialeah with redevelopment plans pending. The company bought at a discounted price of $ 15.25 million as the pandemic distressed the hospitality sector and provided the opportunity to buy residential property below market prices. Estate is also planning a Dania Beach project.
Multi-families have fared much better in the recession compared to retail and hospitality, but that could change if rental income falls. The National Multifamily Housing Council reported 279,457 rent paid for tenant households in September, a decrease of 2.4 percentage points from the previous year to 86.2%.
Housing construction was also hit, as Miami saw the largest annual 53% drop due to crew shortages and work bans to curb the spread of COVID-19.