The city of North Miami Beach is officially set to see the rise of a new 685,957-square-foot mixed-use development at 16395 Biscayne Boulevard known as Soleste NoMi Beach. Developer The Estate Companies, a subsidiary of Estate Investments Group (EIG), secured and closed on a $76 million construction loan provided by Bank OZK and arranged by Brian Gaswirth and Michael DiCosimo of brokerage firm JLL. The developer, under the NoMi Beach Holdings LLC, originally purchased the site back in December 1, 2020 for $13,100,000 from Biscayne Cove LLC.
Plans for Soleste NoMi Beach call for the construction of a 23-story, 236-foot-tall tower that will yield 367 residential units, up to 2,708 square feet of commercial space for restaurant or retail uses, and a parking component yielding 655 vehicle spaces. This project follows a series of Soleste-branded residences by the developer scattered throughout South Florida, which will feature lush amenities such as a pool deck, spa, fitness center, co-working spaces and a landscaped rooftop garden. Designed by Miami’s FORMGROUP, the 367 units will come sized between 677 square feet and 1,158 square feet, most likely in 1-bed, 2-bed and 3-bed floor plans, for an average unit scope of 908 square feet.
Solest NoMi Beach. Designed by FORMGROUP.
Solest NoMi Beach. Designed by FORMGROUP.
Solest NoMi Beach. Designed by FORMGROUP.
The structure is to replace a 20-year-old single-story building that was primarily used for restaurant purposes. It’s primal location along Biscayne Boulevard bounds the 77,484-square foot interior lot by NE 165th Terrace to the south and Snake Creek Canal deriving from Maul Lake to the north; the views facing east will be most desired as it allows for panoramas of the line up of towers by the oceanfront. Coincidently, but to no surprise, Brightline has tracks near by – a commonality with many on-going developments in South Florida – as many developers are betting big on building along the upcoming high-speed rail service.
Construction is expected to commence some time in June of 2021.
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