Okan Group to Build 70-Story, Mixed-Use Tower in Downtown Miami
MIAMI — Turkish real estate developer Okan Group has announced plans to build a 70-story, mixed-use project in downtown Miami at 555 North Miami Ave.
The $300 million development is slated to include a 294-room Hilton hotel, 64,000 square feet of office space, 236 condo-hotel units and 149 condominium residences as well as four penthouses. Condo-hotel units are often sold to individuals as vacation homes, then rented out the rest of the year.
Once completed, Okan Tower will become one of the tallest buildings in Miami. Currently, the 85-story Panorama Tower, which rises 868 feet, is the tallest. Construction on the tower is expected to begin this fall with One Sotheby’s International Realty handling sales and marketing for the development.
Architectural firm Behar Font & Partners designed the building, which was inspired by the silhouette of a tulip, Turkey’s official flower.
“It is with great pleasure that we unveil Okan Tower as we embark on a journey to present a bold real estate product in one of the world’s leading destinations,” says Bekir Okan, chairman of Okan Group. “In selecting our projects throughout the world, we always seek to establish an impact that will make history. Not only in its design, but through its level of experiential elements, Okan Tower will have a transformative effect on the metropolis that will forever change Miami’s skyline.”
Okan and Sotheby’s will aim to draw foreign buyers to the development. Foreign investors purchased $7.1 billion of area residential properties in 2017, up from $6.2 billion in 2016.
Prices for condominium units at Okan Tower will start at $473,000 and will range from 698 square feet to 2,071 square feet. The penthouses will range from 1,872 square feet to 2,142 square feet with prices starting at $1.9 million.
Amenities at the tower will include high-speed elevators, a sky pool with panoramic views from the 70th floor, a spa, fitness center and an outdoor lounge. Additional features will include a chef and gastro kitchen, resident movie theater and a private area for owners with a wine cellar and cigar room. The 67th floor will also include a restaurant.
According to property records, Miami 6th Street LLC, an affiliate of Okan, paid $18.1 million for the 36,000-square foot development site in Miami in 2017.
Okan Tower is the first U.S. project by Okan Group, which was founded in 1972 by billionaire Turkish developer Bekir Okan. The firm owns the Istanbul-based Okan University, which opened a campus in Dania Beach in 2015.