Multifamily Project in Historic Miami District Secures $36M Construction Loan

Prolific South Florida multifamily developer The Estate Cos. secured a $36 million construction loan for its new community in Miami’s historic Spring Garden district.

Estate, based in South Miami, secured the loan from Bank OZK based in Little Rock, Arkansas, last Wednesday.

The eight-story Soleste Spring Gardens will have 240 units on 1.35 acres south of the Dolphin Expressway and northeast of the Miami River at 1033 Spring Garden Road between Seventh and 12th avenues.

“Soleste Spring Gardens represents a major investment in the historic Spring Garden District, an area we have been extremely bullish on for quite some time,” Estate principal Jeffrey Ardizon said in a news release.

Spring Garden was designated a historic district by the city in 1997 for its archeological and architectural significance to Miami. German-born Miami developer John Seybold was one of the early owners who developed the land in the early 1900s, according to professor John Kneski, who wrote the historic-designation report.

Spring Garden is bounded by the river, Northwest 11th Street Road and 12th Avenue east to Eighth Street Road and the Seybold Canal.

Soleste Spring Gardens will offer studios and one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Amenities will include a pool with a sundeck and private cabanas, outdoor kitchen and bar, dog park, pet spa, a lawn for yoga and electric car charging stations. The project is to be completed in the first quarter of 2022.

Soleste Spring Gardens is yet another project near the Miami River, an area developers have been noticing in recent years especially in light of multifamily demand fueled by the Health District and Civic Center where major hospitals and courthouses are clustered.

The area is home to Jackson Memorial Hospital, the University of Miami Health System, Sylvester Comprehensive Cancer Center, Bascom Palmer Eye Institute and the Miami VA Healthcare System. The Health District has about 30,000 employees.

The Civic Center includes the Richard E. Gerstein Justice Building courthouse, the state attorney’s office and a jail.

Soleste Spring Gardens is near the Culmer Metrorail Station. Its named for the neighborhood and Estate’s Soleste multifamily brand, which extends to West Miami and Palmetto Bay. Its 18-story, 360-unit Soleste Grand Central in Miami’s Overtown neighborhood has topped off and is to be completed early next year.

Estate recently bought a closed Ramada hotel in Hialeah with redevelopment plans still pending, and it plans to projects in Dania Beach and North Miami Beach this year.

“We have a strong track record of strengthening neighborhoods by offering luxury rentals at an attainable price point. I take my hat off to Bank OZK, along with all of our partners, for their continued commitment and confidence in our business plan,” Ardizon said. “The entire team worked tirelessly to get this project financed in record time.”

Read more: 

Opportunity Zone Project in Miami’s Overtown Scores $73 Million Financing

Estate Investments Moves Forward With Palmetto Bay Project With $34 Million Loan

Estate Investments Group Secures $57.8 Million for More West Miami Apartments