A Turkish developer has revealed new renderings for its 902-foot-tall Miami tower roughly a month after completing the project’s massive 458,000 cubic feet foundation.
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The 70-story Okan Tower, which dwarfs all of Florida’s current skyscrapers, is being built at 542 N. Miami Ave., four blocks from the Kaseya Center. The tower, which is slated to deliver in 2027, will have a 316-key hotel and 236 short-term rental condos both with Hilton branding, 163 traditional condos and 64K SF of office space.
The tower is the first U.S. development for Okan Group, a Turkish investment firm with 40 projects globally and stakes in industries ranging from textiles to tourism, according to a release. The developer is self-financing the tower’s construction, a spokesperson for Okan said.
Okan Tower was designed by Coral Gables-based Behar Font & Partners, with a form inspired by a tulip, Turkey’s national flower. The glass-encased tower rises from a parking pedestal with an arched rooftop that holds a 3K SF pool deck.
Okan Group chair Bekir Okan owns a condo in Miami Beach and has been visiting the city, where his children went to college, for the last 25 years, the South Florida Business Journal reported in July 2022, when the project first officially broke ground.
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The tower’s 12th floor will have a separate pool deck adjacent to a 1.5K SF club room. Other amenities include a wine lounge, fitness center, theater and children’s playroom.
Hotel guests will have access to a three-story amenity deck that is slated to include a cafe, bars, conference space and a Turkish spa.
Okan Tower’s foundation was poured March 29 in a 36-hour operation that saw 300 workers and 1,200 trucks continuously lay 2,300 tons of concrete at the site, according to a release.
An Okan affiliate called Miami 6th Street LLC acquired the 36K SF development site for $18M in March 2017, property records indicate, and the project was first announced a year later.
One Sotheby’s International Realty opened a 3K SF sales gallery in Istanbul when the project was announced in 2018, The Real Deal reported at the time, but the project is now being exclusively sold by Fortune Development Sales, led by Edgardo Defortuna.
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The property is slated to have duplex penthouses and traditional condos on the upper floors, ranging from one to three bedrooms and up to 2K SF, Forbes reported in 2018.
The Hilton hotel will occupy floors 11 through 30, while the short-term rentals will be found on floors 36 through 50. The office space will be wedged between the hotel and rental condos.
Short-term rental units are priced starting at $685K, with traditional condos beginning around $1.2M. Prices have risen significantly since 2021, when a standard condo at the property could be had for $587K, TRD reported at the time.
Florida’s tallest tower is the 869-foot-tall Panorama Tower in Brickell, but several proposals have been floated in Miami. Swire Properties has plans for the 1,040-foot-tall One Brickell City Centre office tower and PMG broke ground in late 2022 on the 100-story Waldorf Astoria Residences at 300 Biscayne Blvd.
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