Henry Torres\u2019 Astor Companies is pivoting its planned Little Havana apartment project to condos.<\/p>\n
The developer secured a $36 million construction loan<\/a> in September for the eight-story, 179-unit Havana Enclave complex planned at 315 Northwest 27th Avenue. Six months later, Torres is launching sales, with pricing ranging from about $350,000 to just over $700,000, according to a news release.\u00a0<\/p>\n Coldwell Banker Realty\u2019s Oscar Arellano Team, which includes Oscar Arellano, Eyvis Mendoza and Nelson Albareda, is leading sales and marketing.\u00a0<\/p>\n Torres bought the 1.2-acre site for $10 million in 2024, according to property records. He originally planned to use the Live Local Act to build affordable apartments on the site, he said.\u00a0<\/p>\n Hamed Rodriguez Architects is designing the project, with BDI Construction serving as the general contractor. Floor plans will include studio, one- and two-bedroom options, the release shows. Amenities in the building will include a pool, a fitness center, a pet washing station, a game room and a meeting room.<\/p>\n Construction is underway and set to finish at the end of this year.\u00a0<\/p>\n While South Florida\u2019s multifamily market boomed in the immediate aftermath of the pandemic, inflation, interest rates and a glut of supply have pumped the brakes in recent years. Developers once planning to build apartments are selling the sites they so carefully cobbled together<\/a>, or, like Astor, switching projects to condos.\u00a0\u00a0<\/p>\n \u201cIt\u2019s basically a renter\u2019s market,\u201d said Torres. Meanwhile in the condo market, \u201cPeople want to buy units, but there\u2019s really nothing out there at the affordable rates.\u201d<\/p>\n Another developer, Shaoul Mishal\u2019s Gamla Cedron Group, converted its Little Havana project to condos, launching sales in November. That project, the eight-story, 100-unit Centralis Residences Miami<\/a>, was completed as rentals in 2023.\u00a0<\/p>\n Torres sold his 2023-built Douglas Enclave<\/a>, an eight-story, 199-unit apartment complex at 61 Northwest 37th Avenue for $68 million in January, Commercial Observer<\/a> reported.\u00a0<\/p>\n The developer has more multifamily units in the pipeline, including the two-tower, 246-unit Flagler Enclave at 2800 West Flagler Street. He is considering building one of the towers as a condo and one as affordable apartments as part of Live Local.\u00a0<\/p>\n \u201cIt\u2019s always an up cycle with real estate,\u201d he said. \u201cAnd I think the renters are missing that.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Henry Torres\u2019 Astor Companies is pivoting its planned Little Havana apartment project to condos. The developer secured a…\n","protected":false},"author":2,"featured_media":221125,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[100202,225,227,226],"class_list":["post-221124","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hialeah","tag-astor-little-havana-condo","tag-hialeah","tag-hialeah-headlines","tag-hialeah-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/221124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=221124"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/221124\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/221125"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=221124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=221124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=221124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}