An Aventura-based real estate developer is converting a recently completed apartment building in Miami’s Little Havana into condominiums and has started sales for the project, according to The Real Deal.
Gamla Cedron Group, led by CEO Shaoul Mishal, has selected Douglas Elliman to manage sales for Centralis Residences Miami, an eight-story building with 100 units located at 1110 Northwest First Street. The residences vary from one to two bedrooms and range in size from 622 to 1,057 square feet. The building was finished in 2023.
Prices for the one-bedroom, one-bathroom condos will begin in the $300,000s, while two-bedroom, two-bathroom units will start in the $400,000s. Joe Azar of Douglas Elliman said that “the developer found there was an opportunity in the market for an already built project at an affordable price point. Not every buyer wants to wait two, three years.” Azar leads new development multifamily leasing at the brokerage.
Sales of the condos are being handled by Elliman’s Solis Chirino Group, which is led by Miguel Solis and Mario Chirino.
Centralis Residences is situated just north of Flagler Street and close to LoanDepot Park and the Miami River. Amenities include a gym, sundeck, grilling area, private balconies for each unit, and washer/dryers. Current tenants will have a chance to purchase their units.
The developer is now accepting reservations and expects closings to begin early next year, possibly as soon as February. Azar also noted that efforts are underway to obtain Fannie Mae approval for the project so first-time buyers can use conventional financing more easily.
Monthly maintenance fees are expected to be between 80 cents and 85 cents per square foot—about $500 per month for smaller units.
Gamla Cedron Group owns an adjacent lot but has not decided whether it will develop apartments or condos there.
In recent years, several developers have opted to convert newly built or recently completed rental buildings into condominiums due to higher demand for homes for sale compared with rentals. Among those making similar moves are Hollywood developer Chip Abele and PMG. Invesca Development Group secured a $55.2 million loan last year for a conversion project involving a 214-unit complex in Pompano Beach. Other developers such as Alta Development and Raimundo Onetto from Alta Developers have also launched condo projects originally designed as apartment buildings.
