First large-scale opportunity zone development introduced in Miami

by Lindsey Wells

The Estate Companies (EIG) and PTM Partners (PTM) have announced the completion of Soleste Grand Central, a 360-unit rental development located at 218 NW 8th St.

Soleste Grand is the first large-scale ground-up opportunity zone development in Miami-Dade County, according to a press release.

“This is an exceptional milestone for our two firms and for Miami, adding yet another layer to the city’s ascendancy,” said Robert Suris, managing principal of EIG. “Miami is one of the greatest cities in the world, and we are thrilled to deliver our distinguished Soleste brand to the Southeast Overtown Park West district. Soleste Grand Central delivers a new standard of luxury rental properties in the area and we are delighted to welcome the community to experience this beautiful property.”

The contemporary-style building was designed by Caymares Martin with interiors by ASG Interior Design.

The fourth floor features 20,000 square feet of amenities, including a fitness center with virtual trainers, yoga and Pilates room and areas for high intensity interval training programs. 

An indoor club room boasts billiards, shuffleboard and a large communal living room.

Studios and one-, two- and three-bedroom apartments range from 442 to 1,082 square feet. Residences include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer.

Nearly 20% of units have been reserved for workforce housing with the remaining units offered at market rate. 

“One of PTM Partners’ core values is that our investments should not only be financially profitable but also should improve the way people live, work and interact,” Scott Meyer, principal of PTM, told South Florida Agent Magazine. “In terms of impact on the area, Soleste Grand Central was built with relatively smaller, more efficient units alongside large luxury amenity offerings that compare to any Class A condominium, yet apartments are offered at a price point that is accessible to more than 60% of the existing resident base in the market. Essentially, Soleste Grand Central was built for the existing residents in the area, rather than displacing them. For example, 80 of the building’s 360 apartments are only available to workers earning 60-100% of the area median income.”

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