Developer Switches Little Havana Project to Condos

Henry Torres and his Astor Companies have transformed their Little Havana development strategy, converting a planned rental apartment building into a condominium project amid challenging rental market conditions.

The developer secured $36 million in construction financing last September for the eight-story Havana Enclave complex at 315 Northwest 27th Avenue. Six months later, Torres launched condo sales with units priced between approximately $350,000 and just over $700,000.

The 179-unit building represents a significant investment in the Little Havana neighborhood, where Torres acquired the 1.2-acre development site for $10 million in 2024. The project originally targeted rental housing before market conditions prompted the strategic pivot to ownership units.

Coldwell Banker Realty's Oscar Arellano Team is handling sales and marketing for the development. The team includes Oscar Arellano, Eyvis Mendoza, and Nelson Albareda, bringing local market expertise to the project.

The decision reflects broader challenges facing South Florida's rental market, where developers have encountered headwinds that have made for-sale housing more attractive. The pricing structure at Havana Enclave positions the development to serve middle-income buyers seeking homeownership opportunities in one of Miami's most culturally significant neighborhoods.

Little Havana has experienced increased development interest as investors and developers recognize the area's cultural importance and proximity to downtown Miami. The neighborhood offers a blend of historic character and modern amenities that appeals to both local residents and newcomers to South Florida.

Astor Companies joins other developers who have adjusted their project strategies in response to market conditions. The construction loan secured in September provides the financial foundation needed to complete the eight-story building, which will add nearly 180 new housing units to the local market.

The Havana Enclave project demonstrates how developers are adapting to current market dynamics while continuing to invest in Miami's evolving neighborhoods. The price range suggests Torres is targeting a broad spectrum of buyers, from first-time homeowners to investors seeking affordable entry points into Miami real estate.

With construction financing in place and sales efforts now underway, the project represents one of the larger residential developments currently moving forward in Little Havana. The development adds to the area's residential options while reflecting the ongoing transformation of this historic Miami neighborhood.