An Aventura-based developer is converting a new apartment building in Miami’s Little Havana neighborhood into condos, and launching sales of the project, The Real Deal has learned.
Gamla Cedron Group, led by CEO Shaoul Mishal, hired Douglas Elliman to lead sales of the eight-story, 100-unit Centralis Residences Miami at 1110 Northwest First Street. Units will range from 622 square feet to 1,057 square feet and from one to two bedrooms. The building was completed in 2023.
The one-bedroom, one-bathroom units will start in the $300,000s and the two-bedroom, two-bathroom condos will start in the $400,000s, said Elliman’s Joe Azar, who leads new development multifamily leasing at the brokerage.
Elliman’s Solis Chirino Group, led by Miguel Solis and Mario Chirino, is handling sales of the condos at Centralis Residences.
The property is just north of Flagler Street, near LoanDepot Park, the Miami River and west of downtown Miami.
The building features a gym, sundeck and grilling area. Existing tenants will be given an opportunity to purchase units, which include their own balconies and washer/dryers.
“The developer found there was an opportunity in the market for an already built project at an affordable price point,” Azar said. “Not every buyer wants to wait two, three years.”
The developer is accepting reservations and plans to begin closings early next year, by February, according to Azar. The team is also working on securing Fannie Mae approval, which would make it easier for first-time buyers to purchase with conventional financing.
The monthly maintenance dues will be between 80 cents to 85 cents per square foot, or about $500 a month for the smallest units.
Gamla Cedron Group also owns the lot next door to Centralis Residences, but the developer has not yet decided whether it will build apartments or condos, Azar said.
A handful of developers in recent years have converted new or recently completed apartment buildings into condos because demand for for-sale units outweighed demand for rentals. Hollywood developer Chip Abele and PMG are among them. Last year, Invesca Development Group secured a $55.2 million loan for an apartment-to-condo conversion of a 214-unit complex in Pompano Beach.
Other developers such as Alta Development and Raimundo Onetto from Alta Developers both launched sales of condo projects that they initially designed as apartment buildings.
Read more
Invesca lands $55M loan for rental-to-condo conversion in Pompano Beach, aiming to match demand
Development
South Florida
Surging South Florida condo demand pushing multifamily developers to pivot