Making of the 73-story Okan Tower in Miami.Turkish billionaire Bekir Okan met with architect Robert Behar in 2015 and asked him to design a skyline-altering advancement in downtown Miami. As an outcome of that chat, he says building and construction scheduling is now underway on Florida’s tallest building. Behar wanted to create a symbolic referral to Okan’s
homeland and came back to him a few weeks after their conversation with an unusual idea: a tower in the shape of a blossoming tulip– Turkey’s national flower. Okan Tower.Photo Credit: Okan Group” He enjoyed it,” Behar recalled in
an interview.” Everyone in the room simply looked up and
said,’ Wow.’ That was one of the most unforgettable moments in my profession. This will be an incredible, iconic landmark in Miami. “The structure would span 70 stories and 890 feet, making it the tallest in the state, stated Behar, of Coral
Gables, Florida. It would go beyond the 868-foot Panorama Tower that opened recently on Miami’s Brickell Opportunity. The mixed-use Okan Tower has gotten city approvals and is because of begin by year’s end at 555 N. Miami Ave., according to Kasim Badak, president of Okan Group’s American service interests. Plans call for a 294-room Hilton hotel, 236 condominium-hotel units, 149 condo systems and 64,000 square feet of 5-Star office space. The price range for apartment units
is$ 320,000 to more than$ 2 million. The targeted completion is 2022. Features would consist of a sky pool, breathtaking views, a Turkish bath, health and fitness center, a cinema, dining establishment, wine cellar and cigar room. It would be Okan’s first U.S. advancement, and he prepares to finance the $ 300 million venture himself, Badak stated.” The city has constantly had my eye,” Okan discussed in a statement to CoStar
News.” I have actually circumnavigated the world, and Miami’s dynamic energy and cultural blend location it in a category all its
own. It’s an honor to construct Okan Tower here, and we want to produce a brand-new center of downtown Miami.” He paid$ 18 million for the property in 2015, inning accordance with public records. It’s about a block from the new Brightline train station, a commuter service that introduced this
year to connect the downtowns of Miami, Fort Lauderdale and West Palm Beach. Jack McCabe, a property consultant in Deerfield Beach, Florida, said he’s satisfied with the building style and said it will fit in with Miami’s varied horizon. Still, McCabe and other
experts keep in mind an oversupply of condos in downtown Miami that could result in cost decreases. Cranespotters.com, a database that tracks coastal condominium construction in South Florida, shows a 70-month supply of units priced at$ 1 million or more, while there’s a 25-month supply of systems under $1 million. McCabe stated apartment or condos may work much better at Okan Tower due to the fact that more young professionals prefer renting to owning. And there’s also the possibility of another recession, which McCabe anticipates within the next two years.
” Without a doubt, distinct as it is, this project is going to deal with a complex set of obstacles,” McCabe said. But even with an economic crisis, Okan Tower likely would be constructed for the next real estate cycle, finished in time to catch a brand-new
wave of apartment purchasers, said Peter Zalewski, principal at Cranespotters.com. Meanwhile, Rebel Cook, a South Florida realty broker, said Miami remains a dynamic location for foreign purchasers.” A lot of individuals love to pay cash for a condominium to have their money parked here, “she said. So far, more than 50 prospective purchasers have placed bookings for units in the building, with each reservation requiring a 10 percent deposit, a spokeswoman
said. Okan, a one-time teacher in Turkey, later opened a prep school and eventually
moved into advancement, tourism and textiles, inning accordance with Badak. Okan has actually been a part-time South Florida local for the past twenty years and has a child who attended the
University of Miami. Badak said it was only a matter of time before the senior Okan asked him to hunt for advancement websites in Miami. He has long had an affinity for
the region’s beaches and sunshine, Badak said.
” Who wouldn’t like all that? “he stated.” They’re like God’s gift.” Paul Owers, South Florida Market Reporter CoStar Group.