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Estate proposes 360-unit North Miami Beach rental tower

28-story building planned for site immediately south of developer’s 23-story apartment project that’s under construction

The Estate Companies’ principal Jeffrey Ardizon and managing principal Robert Suris along with a rendering of Soleste on the Bay (Form Group, The Estate Companies, Getty Images)


With construction underway on its first North Miami Beach apartment tower, The Estate Companies wants to dive into another multifamily project in the city.


Estate proposes a 28-story building with 363 units at 16375 Biscayne Boulevard, on a lot immediately south of the Soleste NoMi project that it is developing.


Its latest proposed tower, called Soleste on the Bay, would have over 14,000 square feet of ground-floor retail and restaurant space and 645 parking spaces, according to the developer’s application to the city. Form Group is the architect.


Estate’s Soleste NoMi, a 23-story building that will have 367 units when completed, is rising on a waterfront site that’s almost 2 acres at 16395 Biscayne Boulevard. Estate paid $13.1 million for that development site in December 2020. A year later, it paid $21.3 million for the Soleste on the Bay site, which also spans 2 acres.


The entire 4-acre property was once planned for a three-tower project that would have spanned over 1.5 million square feet, city records show. In 2015, another developer obtained approval for a 32-story Riverwalk North residential building on the site where Soleste NoMi is under construction. Estate got city approval to tweak these development entitlements in 2020.


For the firm to build Soleste on the Bay, it needs the city to tweak the seven-year-old site plan that had allowed for a Riverwalk South project with an 18-story hotel and a 30-story residential tower, the city records show.


If the city approves Soleste on the Bay, construction is expected to start in the fourth quarter. Completion is anticipated for the fourth quarter of 2024, according to an Estate spokesperson.


Estate, a prolific multifamily developer, for years focused on Miami-Dade County, including in West Miami, Palmetto Bay, and Miami’s Overtown.


In recent months, Estate has spread to Broward and Palm Beach counties. It plans a 253-unit rental project at 208 North Federal Highway in Pompano Beach and a 324-unit apartment development in Hollywood.


In downtown West Palm Beach, Estate scooped up a development site at 550 North Rosemary Avenue for $15.8 million in December.


Led by managing principal Robert Suris and principal Jeffrey Ardizon, Estate is based in South Miami.


North Miami Beach is experiencing some development activity. Ari Pearl’s PPG Development wants to build an apartment complex on the Nova Southeastern University campus; and Macken Companies is wrapping up the 10-townhouse Koya Bay project at 4098 Northeast 167th Street.


August 2022. The Real Deal.

https://therealdeal.com/miami/2022/08/15/estate-proposes-360-unit-north-miami-beach-rental-tower/

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