The Estate Companies Secures $36M Construction Loan For Luxury Rentals in Miami's Health District

The Estate Companies, a leading developer of luxury multi-family developments throughout South Florida, has secured a $36 million construction loan from Bank OZK for Soleste Spring Gardens, an eight-story Class A, 240-unit luxury rental community at 1033 Spring Garden Rd. within the Miami’s historically designated Spring Garden district and Health District. The closing took place September 9th. 

Soleste Spring Gardens will offer studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Like all projects within the Soleste Living brand portfolio, Soleste Spring Gardens will be a highly amenitized development with a vast collection of health and wellness offerings, social components and pet-friendly features, including a resort-style pool with spacious sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations. 

“Soleste Spring Gardens represents a major investment in the historic Spring Gardens District, an area we have been extremely bullish on for quite some time,” stated Jeffrey Ardizon, principal, The Estate Companies. “We have a strong track record of strengthening neighborhoods by offering luxury rentals at an attainable price point. I take my hat off to Bank OZK, along with all of our partners, for their continued commitment and confidence in our business plan. The entire team worked tirelessly to get this project financed in record time.” 

Ardizon added, “The Miami Health District is home to the nation’s premier medical and research programs and a growing hub for the biotech industry. We look forward to delivering a Class A community to this quaint yet burgeoning area.” 

Soleste Spring Gardens offers a bevy of conveniences for working professionals who will value its central location and access to public transportation. The site is just two blocks from the Culmer Metrorail Station, which provides a six-minute ride to the Brightline rail stop, and abuts on one of Miami’s main arteries, the Dolphin Expressway. Soleste Spring Gardens is also less than three miles from Brickell and the Downtown Miami office market, which represents the largest office market in South Florida, and is in close proximity to Downtown Miami’s Arts & Entertainment District, Midtown Miami, the Miami Design District and Wynwood.

Miami’s Health District is the second-largest medical district in the U.S. after Houston with approximately 30,000 employees and home to world-famous Jackson Memorial Hospital and the University of Miami Hospital. 

The Estate Companies is also developing Miami’s second large-scale opportunity zone development, Soleste Grand Central in Downtown Miami, and recently acquired of a five-acre site occupied by a former Ramada Hotel in Hialeah with plans for redevelopment. In addition to Soleste Spring Gardens, the firm plans to break ground on two new projects this year in Dania Beach and North Miami Beach. 

Blue Lagoon Community Gets Much-Needed Rental Development Soleste and A New Name

The Estate Companies, a leading developer of luxury multi-family projects throughout South Florida, has secured its certificate of occupancy (CO) for Soleste Blue Lagoon, a luxury, eight-story development with 330 rental units located at 5375 NW 7th Street in Miami.

The project broke ground in 2017 and move-ins began in October. Because Soleste Blue Lagoon is the only Class A market-rate project in the Blue Lagoon community, home to over 100 multinational companies, it quickly achieved 65 percent lease-up. The Blue Lagoon office community also recently announced a $10 million makeover and name change. The 250-acre office park will rebrand itself as the Waterford Business District, in order to remain competitive with Miami’s growing office market.

Tenants can select from a variety of studios, one, two and three-bedroom units outfitted with sleek, modern kitchens with custom cabinets, quartz countertops and designer lighting, dual master suites, spacious walk-in closets and private balconies overlooking Blue Lagoon Lake. Pricing starts in the $1,500’s for studios, $2,100’s for two-bedrooms, and $2,600’s for three-bedrooms.

“We are proud to deliver this transformative development to the Blue Lagoon area,” stated Robert Suris, managing principal, The Estate Companies. “Our firm is committed to developing beautiful and highly-amenitized communities at a competitive price point. This winning combination makes Soleste Blue Lagoon an attractive and dynamic option for high-quality, professional tenants.”

Like all projects within the Soleste Living brand portfolio, Soleste Blue Lagoon is curated with a vast collection of health and wellness offerings and social components, including a lakeside pool with spa, sundeck and private cabanas, co-ed spa with steam room and sauna, aerial yoga studio, state-of-the-art health and fitness club, spinning room with digital fitness instruction, rooftop garden with life-size chess, hammock and yoga lawn, and an electric car charging station.

This milestone comes on the heels of the firm’s grand opening of Soleste Twenty2, a 338-unit rental community, which is also experiencing high velocities at the current price points.

The Estate Companies is on track to deliver an additional 519 units this year with Soleste Alameda and Soleste Bay Village and has an additional 2,196 units in its pipeline slated for delivery early next year. Notable upcoming projects include Soleste Bay Village, Soleste Grand Central and Soleste Spring Gardens, among others. Its project portfolio features a mix of garden-style, mid-rise and high-rise rental developments in Dade and Broward counties.

By Katya Demina