South Miami-based Estate Companies advanced its ongoing expansion into Broward County, winning site plan approval in Davie for a 353-unit apartment building with an affordable housing component.
The Davie Town Council last week approved the site plan for Soleste Reserve I, as well as a developer agreement with Estate that mandates deed restrictions requiring below-market rents for 53 of the 353 apartments.
Estate plans to break ground in late summer, Robert Suris, the firm’s managing principal, said via email. He also said Estate has lined up a loan to finance construction of Soleste Reserve I, but declined to elaborate.
Estate, led by Suris and principal Jeff Ardizon, bought the 2.5-acre Soleste Reserve I site at 5081 Southwest 48th Street in Davie for $6.9 million in 2022, according to property records.
Estate also paid $8.2 million early this year for an adjacent 2.5 acres at 5000 Griffin Road, where the firm plans to build Soleste Reserve II, designed as an eight-story building with 310 units.
Market-rate rents at Soleste Reserve I will range from $1,900 to $3,000 a month, Suris said. The apartments will range in size from 500 square feet to 1,100 square feet. Soleste Reserve I will have 96 studios, 188 one-bedroom apartments, 62 two-bedroom units and seven three-bedroom units.
Davie and Estate negotiated a developer agreement with a term of 15 years, requiring designation of 15 percent of the 353 apartments, or 53, as affordable housing available at below-market rents.
Half the affordable apartments must be reserved for tenants who earn up to 120 percent of area median income (AMI) in Broward County, which is currently $89,100, according to the Florida Housing Finance Corporation. The other half of the affordable apartments must be reserved for tenants who earn more than 120 percent of AMI and as much as 140 percent.
Among other Soleste-branded developments in Broward County, Estate recently completed Soleste Seaside, an eight-story, 340-unit apartment development in Dania Beach.
Estate is also working on four apartment projects in the downtown Hollywood area. They include Soleste La Piazza, a 23-story development with 378 units; Soleste Hollywood Boulevard, an eight-story, 324-unit complex; the eight-story, 300-unit Soleste Hollywood Village South, and the 12-story, 203-unit Soleste Hollywood Village North.
After initially focusing on Miami-Dade County, Estate has branched out not only to Broward County but also to Palm Beach County, where the firm is planning Soleste Station, an eight-story apartment building with 321 units in downtown West Palm Beach, a half-mile from the Brightline train station.