As the influx of new residents continues, so do the plans for more inventory to accommodate the growing demand for housing in South Florida.
Plans are approved for Soleste on the Bay, a 28-story luxury waterfront community in North Miami Beach.
The city commission voted unanimously in favor of the project by South Florida multifamily developer The Estate Cos. It’s the developer’s second major investment in North Miami Beach.
The Estate Cos. was represented by land use counsel Ethan Wasserman of Greenberg Traurig.
The 759,439-square-foot luxury rental community is located at 16375 Biscayne Blvd. and will have 363 units. There will also be 17,000 square feet of commercial space and 645 parking spaces.
The building will consist of studios, one, two, and three-bedroom units that range from 550 to 1,250 square feet. Amenities include a 10th-floor deck with two resort-style pools, a sundeck, a game room, yoga and spinning rooms, a lounge, a fitness center, and a cinema.
Multifamily rent prices are decreasing in the Miami and Fort Lauderdale areas, according to Rent.com. Both cities experienced the biggest decreases in one-bedroom rent prices year over year. Fort Lauderdale had a 34.9% decrease with an average cost of $1,967 and Miami had a 12.3% decrease with one bedroom costing an average of $2,430.
Although there’s a decrease in rent, a report by the National Low Income Housing Coalition found that an employee needs to earn at least $25.82 an hour to afford a small two-bedroom rental home. To afford a one-bedroom, a worker would need to make $21.24 an hour. That excludes the majority of low-wage workers.
Construction is also underway next door on a project that broke ground in October 2021. Soleste NoMi Beach, is a 23-story rental community with 367 units and 2,708 square feet of ground-floor commercial space.
Soleste on the Bay will be on the south side of the Royal Gales Canal with water views to the north and east. The 2.15-acre site has access to the 163rd Street Causeway, which connects to U.S. 1 and A1A and all major arteries. It’s also minutes from the beach and the Aventura Mall and Bal Harbour shops. The project is also in close proximity to Greynolds Park and within minutes to the beach and two of Florida’s premier shopping destinations, the Aventura Mall and Bal Harbour Shops.
The Estate Cos. currently has more than 4,000 rental units and 153,000 square feet of commercial space in the tri-county region.
Groundbreaking is slated for Q4 2022.