Astor Companies is changing its planned apartment development in Little Havana to condominiums, the firm announced on Apr. 6. The developer, led by Henry Torres, had previously secured a $36 million construction loan for the eight-story, 179-unit Havana Enclave at 315 Northwest 27th Avenue and is now launching condo sales with prices ranging from about $350,000 to just over $700,000.
The shift comes as South Florida’s multifamily rental market has slowed due to inflation, higher interest rates and an oversupply of units. Developers like Astor are adapting by converting projects originally intended as rentals into for-sale condominiums. “It’s basically a renter’s market,” said Torres. In contrast, he added that “People want to buy units, but there’s really nothing out there at the affordable rates.”
Coldwell Banker Realty’s Oscar Arellano Team will handle sales and marketing for Havana Enclave. The building will feature studio, one- and two-bedroom floor plans along with amenities such as a pool, fitness center, pet washing station, game room and meeting room.
Torres purchased the 1.2-acre site for $10 million in 2024 after initially planning to use Florida’s Live Local Act to build affordable apartments on it. Construction on Havana Enclave is underway and expected to finish by year-end.
Other developers have made similar moves in Little Havana; Shaoul Mishal’s Gamla Cedron Group converted its Centralis Residences Miami project from rentals into condos last November after completing it as an apartment building in 2023.
Looking ahead, Torres has more multifamily projects planned—including Flagler Enclave at 2800 West Flagler Street—and may apply a mixed approach: “He is considering building one of the towers as a condo and one as affordable apartments as part of Live Local.” Summing up his perspective on real estate cycles versus renting trends he said: “It’s always an up cycle with real estate… And I think the renters are missing that.”
