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Estate Companies plans Soleste apartments in North Miami Beach

23-story tower, dubbed Soleste NoMi, will have 367 units

Estate Companies received approval for a waterfront 23-story apartment tower in North Miami Beach.

The tower, dubbed Soleste NoMi, will have 367 units, 2,708 square feet of commercial space and 655 parking spaces. It will be on almost two acres at 16395 Biscayne Boulevard.

Estate Companies expects to break ground toward the end of the year on the 686,000-square-foot tower, according to a press release. Apartments will range from 700 square feet to 1,300 square feet, with one-bedroom, two-bedroom and three-bedroom units. The complex will include a pool, waterfront promenade, fitness center, spa, rooftop garden and co-working stations.

North Miami Beach gave site plan approval for the project at its commission meeting on Tuesday, according to the release.

The land is owned by a company with ties to Keystone Holdings, a Miami-based developer led by brothers Mike and Reinaldo Mouriz and cousin Enrique Puig. Estate Companies is the sole developer on the tower.

Keystone bought the land in 2005 as part of an $8.3 million deal.

At the city commission meeting, an attorney representing Keystone requested a reduction in the size of the apartment tower originally planned for the site. The tower was supposed to stand 32 stories with 480 units.

In 2016, Keystone sold some of the land bought in that 2005 deal, the land at 16375 Biscayne Boulevard, to Transamerican Development for $13.4 million. A project on Keystone’s website sharing the same address and description said the so-called “Keystone Grand” was supposed to be finished by the fourth quarter of 2022.

Other Keystone projects under construction, according to its website, include a 7,000-square-foot medical center at 385 West 49th Street in Hialeah, a 112-unit mixed-use development at 1200 Northwest 57th Street and a 154-unit mixed-use building with 11,000-square-feet of retail at 10 Northwest 42nd Avenue in Miami.

Estate Companies has been busy growing its Soleste brand of apartments. In February, it completed Soleste Twenty2, an eight-story, 338-unit development at 2201 Ludlam Road in West Miami. This month, the company scored a $36 million construction loan for Soleste Spring Gardens, an eight-story apartment complex in Miami’s Health District. Also this month, Estate Companies secured a $4.7 million loan with plans to bring an eight-story, mixed-use multifamily project dubbed Soleste Cityline to Dania Beach.

The Real Deal. September 2020.

https://therealdeal.com/miami/2020/09/17/estate-companies-plans-soleste-apartments-in-north-miami-beach/

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