Astor Companies has secured a $36 million construction loan from Ocean Bank for the development of Havana Enclave, an eight-story apartment building in Miami’s Little Havana. The project, which broke ground recently, will include 179 apartments and is expected to be completed in 2027. Astor acquired the 1.2-acre site at 315 Northwest 27th Avenue last year for $10 million.
Havana Enclave is being designed by Hamed Rodriguez Architects, based in Coral Gables. The building will offer a mix of market-rate studios, one-bedroom, and two-bedroom units.
Astor Companies was founded in 2002 and has developed several condominium and multifamily projects across Miami neighborhoods such as Brickell, Coconut Grove, Little Havana, and Coral Gables. In 2023, the firm completed Douglas Enclave—a 10-story project with 199 units at 61 Northwest 37th Avenue—also financed by Ocean Bank with a $32.4 million loan.
The average asking rent for a one-bedroom apartment in Little Havana stands at $2,557 per month, slightly lower than Miami’s overall average of $2,720 per month according to rentcafe.com.
Little Havana has seen increased multifamily development activity under Florida’s Live Local Act. This legislation allows developers to build at higher densities if they reserve at least 40 percent of their apartments for households earning no more than 120 percent of the area median income (AMI). For Miami-Dade County, the annual AMI is set at $87,200 by the Florida Housing Finance Corporation.
Other recent projects in Little Havana 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 housing division is planning a large-scale complex with over a thousand units across multiple towers on Northwest 13th Avenue and surrounding streets.
