An Aventura-based developer, Gamla Cedron Group, is converting a recently completed apartment building in Miami’s Little Havana into condominiums and launching sales for the units. The project, Centralis Residences Miami at 1110 Northwest First Street, consists of eight stories and 100 units. Douglas Elliman has been appointed to lead sales.
The building was finished in 2023 and offers one- and two-bedroom units ranging from 622 to 1,057 square feet. According to Joe Azar of Douglas Elliman, who leads new development multifamily leasing at the brokerage, prices for one-bedroom, one-bathroom condos will start in the $300,000s while two-bedroom, two-bathroom condos will begin in the $400,000s.
Elliman’s Solis Chirino Group, led by Miguel Solis and Mario Chirino, is managing sales for Centralis Residences. The property is located just north of Flagler Street near LoanDepot Park and the Miami River, west of downtown Miami. Amenities include a gym, sundeck, grilling area as well as private balconies and washer/dryers in each unit. Existing tenants will have an opportunity to purchase their apartments.
“The developer found there was an opportunity in the market for an already built project at an affordable price point,” Azar said. “Not every buyer wants to wait two, three years.”
Reservations are being accepted with closings expected to begin by February next year. The team is also seeking Fannie Mae approval which could help first-time buyers access conventional financing more easily.
Monthly maintenance dues are projected between 80 cents to 85 cents per square foot or about $500 per month for smaller units.
Gamla Cedron Group also owns the adjacent lot but has not yet decided whether it will be developed as apartments or condos.
There has been a trend among developers in South Florida converting new or recently completed rental buildings into condos due to higher demand for properties for sale compared with rentals. Examples include projects by Chip Abele and PMG; last year Invesca Development Group secured a $55.2 million loan for a similar conversion project involving a 214-unit complex in Pompano Beach. Other firms like Alta Development have also shifted planned apartment projects to condo developments.
