PTM Partners (PTM), a recently launched real estate development firm focused exclusively on Qualified Opportunity Zone investments, and South Florida developer Estate Investments Group (EIG) have announced a joint-venture acquisition of 218 NW 8th Street in the Overtown neighborhood of Miami.
PTM and EIG acquired the 1.3-acre site for $9.7 million and will co-develop an 18-story, 360-unit rental building at a total estimated cost of $100 million.
The 220,000-square-foot development, Soleste Grand Central, will have amenities including a resort-style elevated pool deck, top-of-the-line fitness center and spa, kids’ playroom, coworking space, and residents’ lounge, while targeting rents that are approachable and affordable.
Michael Tillman, CEO of PTM, said “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.”
The acquisition is the first for PTM, which launched operations at the end of 2018. The firm aims to continue identifying acquisition opportunities reflective of the Qualified Opportunity Zone legislation’s intent — to invest in markets and projects that positively impact and elevate communities and the residents within them.
Soleste Grand Central is a transit-oriented development. It is located one block west of MiamiCentral, the 3 million-square-foot mixed-use railroad station development that serves Virgin Trains USA, formerly known as Brightline, the Metrorail, Metromover, bus lines and soon the Tri-Rail commuter rail. Additionally, the project is ideally situated adjacent to I-95, the multi-billion-dollar Miami World Center, and the Downtown Miami office corridor. Soleste Grand Central has already received approval from the Urban Development Review Board (UDRB), and PTM and EIG intend to commence site work within the next few months.