The Estate Cos. will begin converting a shuttered hotel in Hialeah into an apartment complex after obtaining $29.5 million in funding.
Centennial Bank awarded a $22.45 million construction loan to 1950 Hialeah Holdings LLC, an affiliate of Miami-based Estate Cos., while LV Lending provided $7 million in mezzanine financing. Construction on the project at 1950 W. 49th St. has started and is expected to wrap up in the fourth quarter.
The developer acquired the former Ramada Inn for $15.25 million in August. The 4-story hotel was developed on the 4.9-acre site near the Palmetto Expressway in 1970. It was taken out of operations as the Covid-19 pandemic caused a decline in tourism.
The Estate Cos. is converting the building into Alture Westland, with 251 apartments and 5,522 square feet of commercial space. That includes 245 studios and six one bedroom units, ranging from 340 to 600 square feet. The building will get a new façade and a parking garage will be constructed.
The developer is best known for its Soleste brand of high end apartments, usually built from the ground up. The new Alture brand will focus on “value add” opportunities.
As some hotel and retail centers struggle, the Estate Cos. may find more candidates for this strategy.
The company has 13 projects in various stages of development in South Florida.
“We are very excited to bring this project to fruition and fill a much-needed void in the city of Hialeah,” said Jeffrey Ardizon, principal of the Estate Cos.
Written by: Brian Bandell - Senior Reporter for South Florida Business Journal