Estate Companies plans a pair of multifamily projects with a total of 663 units in Davie, marking developers’ continued bet on South Florida’s rental market.
The South Miami-based firm wants to build the eight-story, 353-unit Soleste Reserve I building on 2.5 acres at 5079-5081 Southwest 48th Street, and the eight-story, 310-unit Soleste Reserve II building on an adjacent 2.6 acres at 5000 Griffin Road, according to Estate’s managing principal Robert Suris. The projects’ names are tentative.
Estate is advancing the projects, most recently completing the assemblage with an $8.2 million purchase of the Soleste Reserve II development site, according to records and real estate database Vizzda. The seller was an entity managed by Owen Sloan.
Estate also has submitted an application to the town of Davie for Soleste Reserve II, Suris said in a statement.
The firm had paid $6.9 million for the Soleste Reserve I development site in 2022, Vizzda records show. That project is going through the approval process with Davie city officials, including for a rezoning and site plan.
If approved, construction of Soleste Reserve I is expected to start in July, Suris said.
Estate, led by Suris and principal Jeff Ardizon, is a prolific South Florida multifamily developer that originally focused on Miami-Dade County and expanded to Broward and Palm Beach counties in recent years.
In downtown Hollywood, Estate is working on four projects. It plans the 23-story, 378-unit Soleste La Piazza at 1845 Hollywood Boulevard; the 12-story, 203-unit Soleste Hollywood Village North at 2000 Van Buren Street; the eight-story, 300-unit Soleste Hollywood Village South; and the eight-story, 324-unit Soleste Hollywood Boulevard at 2001 Hollywood Boulevard.
Estate’s also is betting on downtown West Palm Beach, with plans for an eight-story, 321-unit Soleste Palm Station at 520 North Rosemary Avenue, a half-mile walk from the Brightline station.
Davie has attracted some new multifamily development. In November, Davie officials approved an unsolicited bid by Prestige Companies to redevelop a former city wastewater site with a three-story complex with 105 to 120 workforce-priced apartments. The city also approved donating the site at 6101 Southwest 36th Court to Miami Lakes-based Prestige for $10.
El-Ad National Properties, a subsidiary of New York-based Elad Group, revealed plans last spring for a 2.8 million-square-foot mixed-use project with roughly 1,256 apartments in five towers, ranging from 20 stories to 24 stories, at 4801-4999 South State Road 7. The project, called The District in Davie, will include 36,000 square feet of retail and restaurants, and 2,650 parking spaces.
March 2024. The Real Deal.
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