Estate Investments Group has broken ground on the Soleste Twenty2 apartments in West Miami after obtaining a big construction loan.
Weston-based Florida Community Bank boosted the mortgage of Valentina View LLC, managed by EIG Principal Roberto J. Suris, from $3.85 million to $57.8 million. It covers the 2.58-acre site at 2201 S.W. 67th Ave.
Soleste Twenty2 was approved for 228 apartments and 110 live/work units. It will total 249,105 square feet in buildings of eight and five stories. Amenities will include a pool/spa with private cabanas, a lounge with a cyber cafe and game zone, a fitness center with a yoga and spin studio, a theater room, a sauna and steam room, a dog park, and a playground.
EIG assembled the property by acquiring eight single-family homes along Southwest 22nd and 23rd Street for a combined $4.23 million in 2016, and then buying the commercial building along Southwest 67th Avenue for $5.6 million in November 2017.
The project will be just south of the Soleste West Gables I and Soleste West Gables II which EIG and its partners completed in 2015 and 2016 and sold a year later to Chicago-based Waterton.
EIG is also building the 200-unit Soleste Bay Village in Palmetto Bay, the 330-unit Soleste Blue Lagoon, the 99-unit Soleste Park View in Miami’s Flagami neighborhood and the 306-unit Soleste Alameda in West Miami