Astor Companies has secured a $36 million construction loan from Ocean Bank to fund its new multifamily development in Miami’s Little Havana. The project, named Havana Enclave, is being built at 315 Northwest 27th Avenue and will consist of an eight-story building with 179 apartments. Astor acquired the 1.2-acre site for $10 million last year.
The development is designed by Hamed Rodriguez Architects, a firm based in Coral Gables. According to a press release, Havana Enclave will feature market-rate studios as well as one- and two-bedroom apartments. Astor expects to complete the project in 2027.
Astor Companies, led by Henry Torres and headquartered in Coral Gables, has been active in the Miami real estate market since its founding in 2002. The company has previously developed condominium and multifamily projects across Brickell, Coconut Grove, Little Havana, and Coral Gables. In 2023, Astor completed Douglas Enclave—a 10-story building with 199 units at 61 Northwest 37th Avenue—using a $32.4 million loan also provided by Ocean Bank.
Little Havana continues to see increased multifamily development activity. The average asking rent for a one-bedroom apartment in the neighborhood is $2,557 per month, which is slightly lower than Miami’s overall average of $2,720 per month (https://www.rentcafe.com/average-rent-market-trends/us/fl/miami/little-havana/).
Much of this growth is influenced by Florida’s Live Local Act. The law allows developers to build at higher densities if they reserve at least 40 percent of their units for households earning no more than 120 percent of the area median income (AMI). In Miami-Dade County, the annual AMI stands at $87,200 (https://www.floridahousing.org/programs/resources/area-median-income-limits).
Other recent proposals under the Live Local Act include plans submitted by Khashayar Khazai and Shane Shapiro for a 23-story tower with 166 apartments and commercial space on Southwest Seventh Street. Additionally, Related Group’s affordable and workforce housing division is planning a large-scale complex totaling over one thousand units across several buildings on Northwest 13th Avenue and nearby sites.
