Astor Companies has secured a $36 million construction loan from Ocean Bank for the development of Havana Enclave, an eight-story apartment building in Miami’s Little Havana. The project, located at 315 Northwest 27th Avenue, will feature 179 apartments and is expected to be completed in 2027. Astor acquired the 1.2-acre site last year for $10 million.
Havana Enclave is being designed by Hamed Rodriguez Architects, based in Coral Gables. The building will offer a mix of market-rate studios as well as one- and two-bedroom units.
Astor Companies, founded in 2002 and led by Henry Torres, has previously developed condominium and multifamily projects in several Miami neighborhoods including Brickell, Coconut Grove, Little Havana, and Coral Gables. In 2023, the company finished Douglas Enclave—a 10-story, 199-unit property at 61 Northwest 37th Avenue—also with financing from Ocean Bank.
The average asking rent for a one-bedroom apartment in Little Havana stands at $2,557 per month. This is slightly lower than the citywide average rent of $2,720 per month according to data from rentcafe.com (https://www.rentcafe.com/average-rent-market-trends/us/fl/miami/little-havana/).
Little Havana has seen increased multifamily development activity under Florida’s Live Local Act. This legislation allows developers higher density if they reserve at least 40 percent of units for households earning up to 120 percent of the area median income (AMI). In Miami-Dade County, the AMI is currently set at $87,200 per year by the Florida Housing Finance Corporation (https://www.floridahousing.org/programs/resources/area-median-income-limits).
Other recent proposals in Little Havana include a planned 23-story tower with 166 apartments and commercial space at 521 and 531 Southwest Seventh Street by developers Khashayar Khazai and Shane Shapiro. Additionally, Related Group’s affordable housing division plans to use Live Local Act incentives for a new complex totaling over one thousand units across three buildings on Northwest 13th Avenue and surrounding sites.
“Astor expects to complete the project in 2027,” according to a press release issued by the developer.
Founded in Coral Gables, Astor Companies continues its focus on residential development throughout key Miami neighborhoods.
