West Miami approves Soleste Alameda apartment project
306-unit development marks sixth rental project for EIG in West Miami
Estate Investment Group just secured approval for another rental project in West Miami.
The commission OK’d Soleste Alameda, a 306-unit development planned for 6290 and 6320 Southwest Eighth Street, according to a press release. The developer plans to break ground over the next month and deliver the two buildings in early 2019.
Soleste Alameda was previously planned as one mid-rise tower that would have cut off access to Southwest 63rd Avenue, but the developer changed its plans to two buildings and will not be closing the street.
It marks the sixth rental project for Estate Investments Group in West Miami. Last month, the firm, led by principal Robert Suris, sold its third new apartment building in the city for $59 million, or $267,000 per rental.
Estate Investments Group began picking up land in West Miami in 2012, an area that Suris said had previously been overlooked. “If you look at the concentration of multifamily, you’ll see it’s in pockets: Dadeland, Coral Gables. West Miami allowed us to provide housing for a lot of people that work in the airport, Blue Lagoon, the hospitals, Doral and the University of Miami,” he told The Real Deal earlier this year.
“We’re making West Miami an institutional market. The biggest challenge is finding land,” he added.
The developer also recently secured approvals for the 338-unit Soleste Twenty2 in West Miami, and a 200-unit rental project in Palmetto Bay called Soleste Bay Village. EIG also closed on a $52 million construction loan for the 330-unit Soleste Blue Lagoon.
Suris was not immediately available for comment.