Astor Companies has secured a $36 million construction loan from Ocean Bank for its new multifamily development in Miami’s Little Havana neighborhood. The project, called Havana Enclave, is planned as an eight-story building with 179 apartments at 315 Northwest 27th Avenue. Astor acquired the 1.2-acre site last year for $10 million.
The building was designed by Hamed Rodriguez Architects, based in Coral Gables. According to a press release, Havana Enclave will offer a mix of market-rate studios, one-bedroom, and two-bedroom units. Astor expects the project to be completed in 2027.
Founded in 2002 and led by Henry Torres, Astor Companies has previously developed condominium and multifamily properties in Brickell, Coconut Grove, Little Havana, and Coral Gables. In 2023, the company finished Douglas Enclave—a 10-story building with 199 units at 61 Northwest 37th Avenue—using a $32.4 million loan from Ocean Bank.
Little Havana’s rental market shows that the average asking rent for a one-bedroom apartment is $2,557 per month. This compares to an average of $2,720 monthly for Miami overall (https://www.rentcafe.com/average-rent-market-trends/us/fl/miami/little-havana/).
The area has seen more multifamily developments following Florida’s Live Local Act. This legislation allows higher-density projects if developers reserve at least 40 percent of apartments for households earning no more than 120 percent of the area median income (AMI). In Miami-Dade County, the annual AMI is set at $87,200 (https://www.floridahousing.org/programs/special-programs/live-local-act).
Other recent proposals include a plan by Khashayar Khazai and Shane Shapiro to build a 23-story tower with 166 apartments and ground-floor commercial space on Southwest Seventh Street in Little Havana. Additionally, Related Group’s affordable housing division intends to develop a complex with over 1,000 units across multiple towers under the Live Local Act.
