Okan Tower has reached the 40th floor as construction continues at the 72-story mixed-use high-rise rising at 555 North Miami Avenue in Downtown Miami. Developed by Okan Group and designed by Behar Font & Partners, the project is now more than halfway toward its planned 903-foot height.
The construction milestone coincides with the closing of $200 million in C-PACE financing provided by Bayview PACE, a division of Bayview Commercial Mortgage Finance. The financing completes the capital stack for the project and supports qualifying energy efficiency, water conservation, building envelope, and resiliency components integrated into the tower’s design and construction.
Credit: Okan Group.
Scheduled for completion in 2028, Okan Tower is expected to become the second-tallest building in Florida. The upper portion of the tower will be occupied by 163 luxury condominium residences branded as Sky Residences. Below the residential floors will be 236 condo-hotel units available for sale and managed by Hilton, followed by a 316-key five-star Hilton hotel. Four floors of office space totaling approximately 56,000 square feet will occupy the lower levels of the building.
Amenities associated with the Sky Residences include a 24-hour concierge, rooftop pool and outdoor lounge areas with cabanas, a wine cellar, owners lounge, and spa facilities with sauna, steam, and massage rooms. The tower will also include a 429-space on-site parking garage. Sales of the Sky Residences and condo-hotel units are being led by Fortune International Group.
Credit: Okan Group.
“We are pleased to provide this C-PACE financing to help complete Okan Tower’s capital stack and support Okan Group’s objectives,” said Jeff Klar, Vice President of Bayview PACE. “Bayview crafted a creative financing solution that was accretive to the sponsor’s goals and aligned with the project’s construction timeline. This nine-figure C-PACE transaction underscores both Bayview’s structuring expertise and the financial strength of the broader Bayview platform.”
“The closing of Okan Tower’s $200 million C-PACE financing is a defining milestone that validates both the project and the strength of the Miami market. This level of lender commitment—particularly in today’s disciplined capital environment—confirms confidence in the capital stack, the long-term fundamentals, and the vision behind what will be one of Downtown Miami’s most spectacular and architecturally significant luxury towers. For buyers, this reinforces that the time to invest in Downtown Miami is now, while pricing, product, and global demand are aligning at an exceptional moment,” said Michael Sadov, Sales Director at Okan Tower.
Founded in 1972, Okan Group operates internationally across healthcare, finance, tourism, energy, education, and real estate. One of its subsidiaries, Okan Construction, is serving as the general contractor for Okan Tower.
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If ever there is a project to crumble, this is it. Too many things happening in one building. #1 People with money do not want to be next to those who do not have money. # 2 Location is sketchy, simply put. + Not near any parks or outdoor space (like $$$ condos in Coconut Grove or Miami Beach). It is a question mark: ‘Just because you build it, will they come?’ we shall see.
What are you talking about? It’s a few blocks away from MWC.
the building looks great so far and its in a very dense area but when fully developed this area will be very desireable and okan will be in the center of a bustling urban neighborhood near parks and major transportation
The “Conehead” building will be noticed.