An Aventura-based developer, Gamla Cedron Group, is converting a recently completed apartment building in Miami’s Little Havana into condominiums and has started sales for the project. The eight-story Centralis Residences Miami, located at 1110 Northwest First Street, consists of 100 units that range from one to two bedrooms and between 622 and 1,057 square feet. The building was finished in 2023.
Douglas Elliman has been hired to lead sales efforts for the property. Joe Azar of Douglas Elliman stated that prices for one-bedroom, one-bathroom units will start in the $300,000s while two-bedroom, two-bathroom condos will begin in the $400,000s. “The developer found there was an opportunity in the market for an already built project at an affordable price point,” Azar said. “Not every buyer wants to wait two, three years.”
Sales are being handled by Elliman’s Solis Chirino Group, led by Miguel Solis and Mario Chirino. The property is situated just north of Flagler Street and near LoanDepot Park as well as the Miami River and is west of downtown Miami.
Amenities at Centralis Residences include a gym, sundeck, grilling area, private balconies for each unit, and washer/dryers inside all residences. Existing tenants have been given the option to purchase their units.
Azar noted that reservations are now being accepted with closings expected to begin early next year by February. Efforts are underway to secure Fannie Mae approval for the project which would allow first-time buyers easier access to conventional financing.
Monthly maintenance fees will range from $0.80 to $0.85 per square foot or about $500 per month for smaller units.
Gamla Cedron Group also owns a neighboring lot but has not yet decided whether it will be developed as apartments or condos.
In recent years several developers have converted new or recently completed apartment buildings into condominiums due to higher demand for properties available for sale compared to rentals. For example, Invesca Development Group secured significant financing last year—$55.2 million—for a similar conversion project involving a 214-unit complex in Pompano Beach.
Other firms such as Alta Development and Alta Developers’ Raimundo Onetto have also launched condo projects originally designed as rental apartments.
