Astor Companies has secured a $36 million construction loan from Ocean Bank for its Havana Enclave project in Miami’s Little Havana neighborhood. The development, located at 315 Northwest 27th Avenue, will consist of an eight-story building with 179 apartments. Astor, based in Coral Gables and led by Henry Torres, acquired the 1.2-acre site last year for $10 million.
The project is designed by Hamed Rodriguez Architects, also based in Coral Gables. According to a press release, Havana Enclave will offer market-rate studios as well as one- and two-bedroom units. Completion is expected in 2027.
Astor Companies was founded in 2002 and has previously developed residential projects in Brickell, Coconut Grove, Little Havana, and Coral Gables. In 2023, the firm completed Douglas Enclave—a 10-story building with 199 units at 61 Northwest 37th Avenue—using a $32.4 million loan from Ocean Bank.
In Little Havana, average asking rent for a one-bedroom apartment is currently $2,557 per month. This compares to an average of $2,720 per month across Miami overall (https://www.rentcafe.com/average-rent-market-trends/us/fl/miami/little-havana/).
The area has seen increased multifamily development activity under Florida’s Live Local Act. The law allows developers higher density if they allocate at least 40 percent of units to households earning no more than 120 percent of the area median income (AMI). For Miami-Dade County, the annual AMI stands at $87,200 (https://www.floridahousing.org/programs/resources/area-median-income-limits).
Other recent proposals in Little Havana include a planned 23-story tower with 166 apartments and commercial space on Southwest Seventh Street by developers Khashayar Khazai and Shane Shapiro. Additionally, Related Group’s affordable housing division intends to use the Live Local Act for a proposed complex featuring over one thousand units across three buildings on Northwest 13th Avenue and nearby sites.
