An Aventura-based developer, Gamla Cedron Group, is converting a recently built apartment building in Miami’s Little Havana into condominiums and has started sales for the project. The Centralis Residences Miami, located at 1110 Northwest First Street, consists of eight stories and 100 units. The development was completed in 2023.
Douglas Elliman has been appointed to lead sales for the property. Units range from one to two bedrooms and are between 622 square feet and 1,057 square feet. Joe Azar of Douglas Elliman said that prices will start in the $300,000s for one-bedroom, one-bathroom units and in the $400,000s for two-bedroom, two-bathroom condos.
Sales of the condos are being handled by Elliman’s Solis Chirino Group, led by Miguel Solis and Mario Chirino. The building is situated north of Flagler Street, close to LoanDepot Park and west of downtown Miami. Amenities include a gym, sundeck, grilling area, private balconies for each unit, and washer/dryers.
Current tenants will have an opportunity to buy their units. “The developer found there was an opportunity in the market for an already built project at an affordable price point,” Azar said. “Not every buyer wants to wait two, three years.”
Reservations are now being accepted with closings expected to begin early next year, possibly by February. The team is also seeking Fannie Mae approval to make conventional financing more accessible for first-time buyers.
Monthly maintenance fees are projected to be between 80 cents and 85 cents per square foot or about $500 per month for the smallest units.
Gamla Cedron Group also owns an adjacent lot but has not decided whether it will develop apartments or condos there.
The trend of converting new or recently finished rental buildings into condos has increased as demand for properties to buy outpaces rentals. Other developers such as Chip Abele, PMG, Invesca Development Group—who last year obtained a $55.2 million loan to convert a complex in Pompano Beach—and Alta Developers have undertaken similar projects.
