with 251 Rental Units and 5,500 SF of Retail, Serving as a Model for Adaptive Reuse
The Estate Companies (EIG), a leading developer of multi-family projects throughout South Florida, has completed its multi-family conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah, FL. The shuttered hotel has been transformed into Alture Westland, a new four-story garden-style community with 251 rental units and 5,522 square feet of commercial space on the northwestern section of the main building. The project serves as a model on how to successfully apply the adaptive reuse and repositioning of a distressed hospitality site. National retailer, Panera, will occupy a 2,036-square-foot outparcel with drive-thru fronting West 49th Street, a significant commercial corridor for Hialeah.
“This marks an exceptional milestone for our firm and the City of Hialeah,” stated Robert Suris, managing principal, The Estate Companies. “It’s hard to believe that this property was originally a shuttered hotel. However, with smart planning and a forward-thinking approach, we took bold and creative steps to capitalize on this opportunity and completely transformed the hotel into a beautiful four-story garden-style community. We thank the City of Hialeah for their support and vision.”
“We are thrilled to celebrate the completion of Alture Westland and see our vision of this adaptive reuse come to fruition, which provides an attainable price point with a mixed-use component for those who have been priced out of the market in general, including residents and non-residents of Hialeah,” added Jeffrey Ardizon, principal, The Estate Companies. “We are approaching stabilization, currently at 85 percent leased.”
The Estate Companies acquired the five-acre site for $15.25 million in August 2020 at the start of the pandemic, and broke ground in April 2021.
The community includes studios and one-bedroom units. Amenities include a pool with sundeck, fitness center and clubhouse.
Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit, on arguably the City of Hialeah’s busiest corridor and main artery. The City of Hialeah is a market with very high barriers to entry, strong demographic support and close in proximity to some of the largest employment hubs in South Florida. In addition, the area offers great walkability with a variety of social, dining and entertainment options, including the Westland Mall, just a short distance away.
Alture Westland is the first project to be introduced as part of The Estate Companies’ new Alture brand, which focuses on value-add opportunities and repositioning older assets to achieve their highest and best use.
The Estate Companies is one of the largest and most active multifamily developers in Florida with 13 residential and mixed-use projects in the pipeline and over 4,000 rental units.
November 2022. Real Estate Weekly.