Estate Investment Group acquired an apartment development site in Palmetto Bay from the Cornerstone Methodist Church.
The Miami-based developer, led by Robert Suris, paid $4.4 million for the 1.98-acre site at 18301 S. Dixie Highway (U.S. 1). It recently obtained approval from the city to build Soleste Bay Village, with 200 apartments, 15,635 square feet of retail and a 297-space parking garage. About 3,400 square feet of the retail space would be for commercial tenants, while the rest would be combined with residences in live-work units.
The developer expects to begin demolition of the existing building by the end of this month, followed by the project's groundbreaking.
The five-story project was designed by Caymares Martin Architectural and Engineering Design.
Soleste Bay Village would have 124 units with one bedroom, 67 units with two bedrooms, and eight units with three bedrooms. They would range from 600 to 1,100 square feet.
Amenities would include a pool deck on the third floor, gym, party room, dog park and playground.
Palmetto Bay’s Downtown Urban Village District, which was approved in 2015, encourages commercial uses on the ground floor. Soleste Bay Village would be the second project completed under this zoning code.
“Miami’s residential market still has plenty of gas in the tank,” Suris said. "Every day, there are more and more families in need of top-tier housing, which is, in turn, leading to significant growth throughout historically unnoticed locations."
Estate Investment Group’s has built other Soleste-branded apartment complexes in West Miami, and has one under construction in Blue Lagoon.