Astor Companies is scrapping its original plan for a Little Havana rental building and going all-in on condos instead, launching sales for Havana Enclave while construction is already underway. The eight-story project is set to rise on about 1.2 acres near West Flagler, with 179 units ranging from studios to two-bedrooms. Pricing is being marketed at roughly from the mid-$300,000s to about $700,000.
The pivot was confirmed in a developer release and reported this week by The Real Deal, which notes that Coldwell Banker Realty’s Oscar Arellano Team will lead sales and marketing. According to The Real Deal, floor plans will include studios, one-bedroom and two-bedroom layouts, with amenities such as a pool, fitness center, pet-wash station, game room and meeting room. The developer release places pricing “from about $350,000 to just over $700,000.”
Site history and financing
Developer Henry Torres acquired the shovel-ready parcel for about $10 million in 2024, according to Commercial Observer. The 1.17-acre property at 315 NW 27th Avenue already carried city approvals for an eight-story, 179-unit building with ground-floor retail, which makes the condo conversion a faster route to market. That approval package also included significant parking and circulation plans that Astor is keeping in place as it pivots to for-sale units.
Why the switch now
Across South Florida, developers are rethinking strategies as a wave of new supply and higher borrowing costs cool rent growth and squeeze margins. Astor had previously secured a $36 million construction loan for Havana Enclave, according to CityBiz, and that financing, combined with softer leasing conditions, has reshaped the math on the project.
“It’s basically a renter’s market,” Torres told The Real Deal, adding that many would-be buyers are still priced out of nearby for-sale inventory.
What buyers will get
Project materials and recent coverage show Havana Enclave offering studio through two-bedroom units with a lean amenity package aimed at entry-level buyers, including the pool and fitness features noted above, per Florida YIMBY. Photos in that coverage show active cranes and concrete frames already climbing, indicating the building is well into its structural phase. Astor is marketing the condos as a more attainable ownership option near downtown Miami and Calle Ocho…