Astor Companies has secured a $36 million construction loan from Ocean Bank for its new multifamily development in Miami’s Little Havana. The financing will support the construction of Havana Enclave, an eight-story building set to feature 179 apartments at 315 Northwest 27th Avenue. The project, which began construction earlier this year, is expected to be completed in 2027.
The site for Havana Enclave was acquired by Astor last year for $10 million. Designed by Hamed Rodriguez Architects, based in Coral Gables, the development will include a mix of market-rate studios as well as one- and two-bedroom units.
Founded in 2002, Astor Companies has previously developed condominium and multifamily projects across Brickell, Coconut Grove, Little Havana, and Coral Gables. In 2023, the company finished Douglas Enclave—a 10-story project with 199 units—at 61 Northwest 37th Avenue in Miami. That project also received financing from Ocean Bank, totaling $32.4 million.
Little Havana continues to see growth in multifamily housing developments. The neighborhood’s average asking rent for a one-bedroom apartment stands at $2,557 per month—slightly below Miami’s citywide average of $2,720 per month (https://www.rentcafe.com/average-rent-market-trends/us/fl/miami/little-havana/).
Much of the recent activity can be attributed to Florida’s Live Local Act. This law offers developers increased density allowances if they reserve at least 40 percent of their apartments for households earning no more than 120 percent of the area median income (AMI). For Miami-Dade County, the annual AMI is currently set at $87,200 according to data from the Florida Housing Finance Corporation (https://www.floridahousing.org/programs/resources/area-median-income-chart).
Other notable projects taking advantage of these incentives include a proposed 23-story tower with 166 apartments and commercial space at Southwest Seventh Street led by Khashayar Khazai and Shane Shapiro of Sunny Isles Beach. Related Group’s affordable and workforce housing division is also planning a major complex featuring over one thousand units across three buildings on Northwest 13th Avenue and surrounding streets.
