Published by Peter Zalewski
12/28/2023 
4:27:21 PM Project Description:
Okan Tower is one of the most impressive and tallest skyscrapers re-defining the Miami skyline. Thoughtfully designed, Okan Tower is at once massively dramatic and gracefully beautiful, soaring 70 stories in Miami’s emerging Arts and Entertainment District.
Floor plans in Okan Tower range from 447 square feet to over 2,180 square feet and feature expansive floor to ceiling windows and glass balconies to allow for maximum natural light allowance and amazing views of Miami and the water.
Okan Tower’s residences are partnered with Hilton Hotels and Resorts to include 293 resort hotel suites, 236 condo-hotel units, 149 private 1-3 bedroom condominium units, and 4 duplex-style penthouses, as well as 64,000 square feet of office space. The partnership also affords residences access to unique top of the line amenities and exclusive entertainment venues. Included among the vast luxury amenities and services offered are 3 separate pools – including a sky pool located on the 70th floor, multiple onsite restaurants, a full service spa including a Turkish Hammam, and a state of the art fitness center.
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CraneSpotters Preconstruction Condo Project Overview |
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| Condo Description | Details |
| PROJECT NAME | Okan |
| 555 N Miami Avenue Miami, FL 33132 | |
| SUBMARKET | Greater Downtown Miami |
| COUNTY | Miami-Dade |
| WATERFRONT PROJECT | No |
| TYPE OF WATERFRONT? | |
| NUMBER OF TOWERS | 1 |
| TOTAL FLOORS (BY ELEVATOR) | 70 |
| TOTAL RESIDENTIAL UNITS | 362 |
| BED RANGE | 1 to 3 |
| RANGE OF SQUARE FEET | 1,813 TO 2,142 |
| UNIT TYPE – TOTAL UNITS – SQUARE FEET | 1 BED – XX – X,XXX SF |
| UNIT TYPE – TOTAL UNITS – SQUARE FEET | 2 BED – XX – X,XXX SF |
| UNIT TYPE – TOTAL UNITS – SQUARE FEET | 3 BED – XX – X,XXX SF |
| UNIT TYPE – TOTAL UNITS – SQUARE FEET | 4 BED – XX – X,XXX SF |
| MINIMUM PRICE PER UNIT | $ 387,000 |
| MONTHLY MAINTENANCE FEE PER UNIT | |
| MONTHLY MAINTENANCE FEE PER SQUARE FOOT | $ 0.90 |
| TURNKEY READY | Finished |
| PROPERTY AMENITIES | tailored mix of cafe’s, bars, lounges, meeting areas, wellness spa, Fitness & Recreation area on the 27th floor, Hilton Hotels and Resorts Services |
| WATER VIEWS | |
| PETS PERMITTED | Yes |
| MAXIMUM NUMBER OF PETS | |
| RENTAL TIMES PER YEAR | 1 |
| TOTAL ONSITE PARKING SPACES | |
| FIRST DEPOSIT % | |
| SECOND DEPOSIT % | |
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| UNIT FINANCING AVAILABLE | |
| RECOMMENDED LENDERS | |
| PROJECT STATUS | Under Construction |
| PRESALES UNDERWAY? | |
| RATIO OF PRESALES | |
| SCHEDULED CONSTRUCTION START | 2022 |
| SCHEDULED COMPLETION DATE | 2026 |
| YEAR COMPLETED | |
| DEVELOPER | Okan Group |
| COUNTRY OF DEVELOPER | Turkey |
| DEVELOPER FEE % | |
| ARCHITECT | Behar Font |
| ARCHITECTURAL FIRM | |
| GENERAL CONTRACTOR | |
| DATE OF GROUNDBREAKING PARTY | |
| NOTICE OF COMMENCEMENT FILED | |
| DATE CRANE ERECTED | |
| DATE OF CONDO DECLARATION FILING | |
| DATE OF CONDO LAUNCH PARTY | |
| DATE OF TOPPING OFF | |
| DATE OF FIRST RECORDED TRANSACTION | |
| LEAD LENDER | |
| LEAD LOAN AMOUNT | |
| DATE OF LEAD LOAN | |
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| SECONDARY LOAN AMOUNT | |
| DATE OF SECONDARY LOAN | |
| CONDO PROJECT WEBSITE | |
| INHOUSE SALES BROKERAGE | |
| INHOUSE SALES REPRESENTATIVE | |
| INHOUSE SALES REP TELEPHONE | |
| INHOUSE SALES REP EMAIL ADDRESS | |
| INHOUSE SALES BROKERAGE ADDRESS | |
| BUYSIDE COMMISSION % | |
| PRICING SURVEY DATE | |
| MINIMUM PRICE PER DOOR | |
| MINIMUM PRICE PER SQUARE FOOT | |
| SALES RATION | |
| COMMISSION % | |
| INCENTIVES | |
Condo Market Inventory Tracker
A Snapshot Of Downtown West Palm Beach And The Island
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 344 | 8.2 |
| Luxury Condos | 153 | 9.6 |
| Shortsales | 0 | NA |
| REOs | 0 | NA |
| Rentals | 365 | 5.2 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
Confused about whether it is the appropriate time to buy or sell a condo in South Florida? The experts at CVR Realty are here to assist you in crafting a strategy during this uncertain time. Unlike many brokers offering services, our organization has been through the cycles and can assist you to capitalize on the situation.
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