The residential project Okan Tower, by Hilton Hotels & Resorts, finally starts construction in Downtown Miami, after a long waiting period. The mega-complex broke ground last June 17 and represents the largest Turkish investment in the United States and stands out for its unique architecture inspired by the country’s native flower, the tulip.
The inauguration was attended by the Mayor of Miami Francis Suarez, in addition to the former Prime Minister of Turkey, the Turkish Ambassador to the US, among other businessmen and important people from Florida and the US.
The tower will be 70 stories high and almost 280 meters high, making it one of the tallest in Miami. The completion of the works is scheduled for 2026.
The development was one of the pioneers in Downtown Miami in the short-term-rental format. There will be 163 Sky Residences, 236 fully flexible residences for rent managed by the Hilton Hotels & Resorts chain and will also feature 6,000 m2 of office space.
Okan Tower consolidates short-term trend
The tower consolidates the short-term trend in Miami, that is, projects aimed at short-term rentals, without period restrictions. This venture format is the most sought after among investors, as they can obtain very high returns with daily rentals on online platforms, with Airbnb or Booking.
Downtown Miami has been standing out in Florida and rivaling the city of Orlando, a region traditionally known for housing condominiums of vacation homes.
The city of Orlando has always been the darling of investors, as it offers a wide variety of Vacation Homes condos. The city of Miami has long imposed restrictions on this type of activity, with minimum rental periods. In recent years, however, it has adjusted its zoning and rules to allow the construction of projects aimed at Airbnb and short-term rentals, taking advantage of the large global public interested in this type of investment.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. If you would like to know more about the Okan Tower development in Downtown Miami, please get in touch now and chat with me on WhatsApp: +1 305 318 6968 (Heloisa Arazi).