BRESI OVERVIEW: Okan Tower Miami – Okan Group secures final funding to complete it’s downtown Miami mixed use hotel, residences and office tower.
- $200 Million Financing Closes at Critical Construction Phase: Bayview PACE provided C-PACE financing to complete the capital stack for Okan Tower, arriving with the 70-story development already reaching its 40th floor.
- Mixed-Use Luxury Tower: The 903-foot development at 555 North Miami Avenue will deliver 163 luxury Sky Residences, 236 Hilton-managed condo-hotel units, a 316-key five-star Hilton hotel, 56,000 square feet of office space, and over 80,000 square feet of premium amenities when completed in 2028.
- Strong Sales Performance in Competitive Market: The tower has achieved 62% pre-sales with remaining units priced between $800,000 and $4 million, reflecting robust buyer demand despite a challenging capital environment and competitive downtown Miami corridor.
- Turkish Developer’s U.S. Market Entry: Okan Group, a diversified Turkish conglomerate with holdings across healthcare, finance, tourism, energy and real estate, self-funded construction following a pandemic-related pause in 2020, demonstrating commitment to their first American development.
- Strategic Location in Sixth Street Corridor: Positioned in one of Miami’s densest emerging neighborhoods with direct connectivity to Brightline’s MiamiCentral station and mass transit, Okan Tower joins Downtown 6th, 600 Worldcenter, and other luxury developments transforming the area.
Okan Goup Secures Final Funding for Okan Tower Miami, as Construction Surpasses Halfway Mark
Okan Group has closed on $200 million in Commercial Property Assessed Clean Energy financing (C-PACE) completing the capital stack for the 70-story mixed-use skyscraper in downtown Miami. The timing is notable: construction has already reached the 40th floor, well past the typical stage for securing project funding.
Bayview PACE, a division of Coral Gables-based Bayview Commercial Mortgage Finance, provided the C-PACE financing. The funding supports energy efficiency, water conservation, building envelope, and resiliency components integrated throughout the tower’s design and construction.
“Bayview crafted a creative financing solution that was accretive to the sponsor’s goals and aligned with the project’s construction timeline,” said Jeff Klar, vice president of Bayview PACE.
Rising at 555 North Miami Avenue, Okan Tower represents the first United States venture for Turkish conglomerate Okan Group.
When completed in 2028, the 903-foot structure will house multiple components: 163 luxury condominium residences marketed as Sky Residences, 236 condo-hotel units under Hilton management, a separate 316-key five-star Hilton hotel, four floors comprising 56,000 square feet of office space, and more than 80,000 square feet of amenities. A 429-space parking garage at the tower’s base will serve the mixed-use complex.
Until securing the C-PACE financing, Okan Group had self-funded the entire construction process. The developer leveraged its in-house construction expertise through Okan Construction, which is handling the build.
“This level of lender commitment, particularly in today’s disciplined capital environment, confirms confidence in the capital stack, the long-term fundamentals, and the vision behind what will be one of Downtown Miami’s most spectacular and architecturally significant luxury towers,” said Michael Sadov, sales director at Okan Tower.
The architectural vision for Okan Tower, conceived by Behar Font & Partners, draws inspiration from the developer’s Turkish heritage. The façade design evokes a tulip petal, creating a distinctive profile on Miami’s skyline.
Planned amenities for the Sky Residences include 24-hour concierge services, a rooftop pool and outdoor lounge featuring private cabanas, a dedicated wine cellar, an exclusive lounge, and spa facilities.
Fortune Development Sales Department reports 62% of units already sold. Remaining inventory ranges from $800,000 to $4 million, demonstrating sustained demand despite broader market headwinds affecting luxury real estate.
Okan Tower’s location positions it at the center of the Sixth Street corridor’s transformation. The area’s density and connectivity, including direct access to Brightline’s MiamiCentral station and the broader mass transit network, have attracted significant developments. Neighboring projects include Melo Group’s 58-story, 824-unit Downtown 6th rental complex, Merrimac Ventures and Aria Development Group’s 606-unit 600 Worldcenter luxury condominium, and a planned 45-story luxury rental from Oak Row Equities.
The successful financing at this advanced construction stage signals continued institutional confidence in Miami’s luxury residential market fundamentals.
With completion targeted for 2028, Okan Tower will deliver a product combining international design, prime urban connectivity, and comprehensive luxury amenities to downtown Miami’s expanding skyline.
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