Astor Companies announced on Apr. 6 that it is changing its planned apartment project in Little Havana to for-sale condominiums, as the developer responds to shifts in the local real estate market.
The decision comes after a period of growth in South Florida’s multifamily sector, which has slowed due to inflation, rising interest rates, and an oversupply of rental units. As a result, some developers are either selling their properties or converting them from rentals to condos.
Henry Torres, head of Astor Companies, secured a $36 million construction loan last September for the eight-story Havana Enclave at 315 Northwest 27th Avenue. Six months later, sales have launched with prices ranging from about $350,000 to just over $700,000. Coldwell Banker Realty’s Oscar Arellano Team will lead sales and marketing efforts for the project.
Torres originally intended to use the Live Local Act to build affordable apartments on the site but decided instead on condos. “It’s basically a renter’s market,” said Torres. In contrast, he added regarding buyers: “People want to buy units, but there’s really nothing out there at the affordable rates.” Floor plans at Havana Enclave will include studios as well as one- and two-bedroom options. Amenities will feature a pool, fitness center, pet washing station, game room and meeting room.
Construction is underway with completion expected by year-end. Other developers are making similar moves; Shaoul Mishal’s Gamla Cedron Group converted its nearby Centralis Residences Miami project from rentals into condos last November after completing it as an apartment building in 2023.
Torres recently sold his Douglas Enclave apartment complex for $68 million and continues planning new projects such as Flagler Enclave—two towers totaling 246 units—where he may mix condo and affordable rental offerings under Live Local guidelines. “It’s always an up cycle with real estate,” Torres said. “And I think the renters are missing that.”
