Estate Investments Group acquired two development sites in Miami with plans for multifamily projects.
In the first transaction, Miami-based EIG teamed with New York based PTM Partners to acquire the 1.3-acre site at 218 N.W. 8th St., in the Overtown neighborhood, for $9.7 million. The sellers were Sawyers Walk Ltd. and Poinciana Village of Miami Ltd., both managed by Ted H. Weitzel.
The property is currently vacant except for a pool. It’s just east of the ramp to Interstate 95.
This site has been approved for Soleste Grand Central, a $100 million project that would total 220,000 square feet. The 18-story building would have 360 apartments, 6,500 square feet of retail, 2,250 square feet of offices, and 438 parking spaces. The amenities on the fourth floor would include a pool, a fitness center, a kid’s playroom, a co-working space, and a lounge.
“EIG is one of the most respected vertically integrated multifamily developers in the region, so partnering with someone who spoke the same language as us and shared in our vision for what this project could truly be, made perfect sense,” said Michael Tillman, CEO of PTM. “Our firm’s extensive development, construction and investment experience will be deployed to thoughtfully co-develop Soleste Grand Central into a Class-A residential destination that will cater to a wide audience of potential residents in the Greater Downtown marketplace.”
PTM said this was part of its Opportunity Zone investment fund. The Opportunity Zone program was established by the Tax Cuts and Jobs Act of 2017 to offer tax benefits for investments in certain disadvantaged neighborhoods.
The developer agreed to offer 10 apartments for families earning no more than 80 percent of the area's median income, 15 apartment for families earning no more than 100 percent of the area's median income, and another 15 apartments for families earning no more than 120 percent of the area's median income.
Soleste Grand Central was designed by Caymares Martin Architectural and Engineering Design.
“We have really formed what I like to believe is a dynamic partnership with Mr. Tillman and his team,”said Jeffrey Ardizon, a principal of EIG. “They bring a combination of sophisticated capital and boots-on-the-ground mentality. I’m looking forward to working together and eager to bring this project to life.”
EIG Principal Robert Suris said Soleste Grand Central would be a long-term hold through the Opportunity Zone program. In many of EIG’s previous Soleste apartment buildings in Miami-Dade County, the rents have been relatively attainable because the units are smaller. This is a great site for workforce housing because it’s near the new Brightline passenger rail station, he added.
Suris said he expects to break ground on Soleste Grand Central by the end of February and obtain construction financing within a few months.
Deal in Spring Garden
The other deal for EIG took place in the Spring Garden Historic District, just west Interstate 95 and south of the State Road 836.
Ruben A. Diaz Jr. and Rafael Caballero sold the 24,708-square-foot site at 1033 Spring Garden Road for $3 million to EIG. The deal was brokered by Miguel Pinto of Apex Capital Realty.
The property last traded for $1.2 million in 2005.
Suris said EIG said it plans to build Soleste at the District on that property, plus a neighboring site through joint venture with Spring Garden Apartments. The latter company owns 1025 to 1005 Spring Garden Road, 1000 and 1010 Sunnybrook Road, and 1200 N.W. 10th Ave.
The 11-story building would have 251 apartments.
Suris plans to take the Spring Garden project before the city’s Urban Design Review Board within a few months. He hopes to break ground in July or August.
This Spring Garden site is near the Health District, a major employment center, as Northwest 10th Avenue runs underneath the highway overpass, Suris said. He’s taken a close look at the strong rental rates achieved by Mill Creek Residential in its nearby Modera Riverhouse, so Suris is confident his project a half block away would be successful.
“For people who want a Class A apartment close to work, that’s a great option for them,” Suris said.
