# Okan Tower: preconstruction prices, deposits, rental rules

> Source: https://bluebaybrokers.com/buildings/okan-tower
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-11-09
> Plain-text copy of the page above for AI assistants and readers. Quote with attribution to BlueBay Brokers; each figure carries its own source and read date. Nothing here certifies that a short-term rental is legal at any address.

## The bet

Okan Tower is a 70-storey downtown tower already past its 40th floor, and its one-bedroom asks $1,250,000, which is $1,136 to $1,667 a foot depending on the plan, against $879 for condos built since 2023 that resold in 33136 and 33132 this year. You are buying a structure that is going up on closed financing. You are paying a large premium per foot for it.

## Absorption and timing

How many homes close each year in this building's price band and postcode, against how many it is about to deliver. No brochure answers this, and it governs both the resale and the developer's willingness to discount.

Units delivering 399 all at once, to the same buyer pool

Closings per year 65 trailing 12 months, 33136, 33132, same band

Years of supply 6.1 this building alone

Band closes at $661/sf median of real closings, not asks

| Band, 33136, 33132 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $900K – $1.5M | 51 | $1,150,000 | $661 |
| $1.5M – $3M | 14 | $2,037,500 | $958 |

**Six years of supply, two and a half for the Sky Residences**

399 residences against 65 closings a year in the $900K to $3M bands of 33136 and 33132 is **6.1 years of supply**. That overstates the overlap: 236 of the 399 are Short-Term Rental Residences sold into Hilton's room inventory, a yield product with its own buyer, so the 163 Sky Residences alone are 2.5 years. The submarket is heavy either way: 955 active listings, 26.5 months of stock, asks at $824 a foot against $532 paid. Okan reported 60 percent sold in January 2025 and nothing since, so the launch cohort has taken the cheap end of the list and what remains is priced by the developer, not by momentum.

## The market it lands in

Everything for sale in 33136, 33132 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 955 homes listed across 33136, 33132

Sold, trailing year 433 recorded closings, every price

Months of supply 26.5 under 6 favours sellers, over 12 favours buyers

Asking vs sold $824/sf asked, against $532/sf actually paid

How to read the gap

Asking is an opinion, sold is a fact, and months of supply is your leverage. Do not compare this building to the postcode median, which mixes in stock built decades ago: the comparison that counts is the band below.

## What recent deliveries resell for

The only read-across that means anything here: condominiums in 33136, 33132 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at $879/sf median of 19 closings this year

Movement since -22.1% across recently delivered buildings

This building asks —/sf entry residences

Entry vs new stock — below zero means you buy new under resale

| Year of resale | Closings | Median $/sf |
|---|---|---|
| 2024 | 8 | $1,128 |
| 2025 | 16 | $869 |
| 2026 | 19 | $879 |

Why a year can show no figure

Under 5 transactions a median is noise, so it is withheld. Recently delivered buildings are thin by nature, which is itself worth knowing before counting on a quick resale.

## The basis

What it asks per foot against what its band actually closes at. Comparing one preconstruction ask to another tells you nothing: both are price lists.

Asking

—/sf

One-bedroom asking $1,250,000 on the MLS · Sky Residences 750 – 2,075 sf interior · top of the list not published

Band closes at $661/sf $900K – $1.5M, trailing 12 months

Listed here today 1 no interior area published, so no $/sf

**A large premium to new resales**

The only live ask is a one-bedroom on floor 59 at $1,250,000 (MLS A12118663, listed 5 November 2026), with no area on the listing. The developer's one-bedroom plans run 750 to 1,100 sf interior, so that is $1,136 to $1,667 a foot. Homes at $900K to $1.5M here close at a median $661, and condos built since 2023 resold at $879 in 2026, down 22 percent from 2024. So you pay 29 to 90 percent over new resales. Get the plan behind 5909 in writing first: it moves the per-foot price by half.

## On the MLS today

1 listing at this address is Active right now, pulled 2026-11-09. Leases are excluded: a monthly rent sitting in the price column wrecks any comparison. This is what a buyer can actually transact on today, as opposed to what a price list says.

| Unit | Bd/Ba | Interior | Asking | $/sf | HOA / mo | Days |
|---|---|---|---|---|---|---|
| [5909](https://bluebaybrokers.com/listing?mls=A12118663) | 1/1 | — | $1,250,000 | — | — | 1 |

No interior area is published on these listings

Every one of these listings leaves the area field empty, so no $/sf can be computed from the MLS for this building and the figures elsewhere on this page rest on the developer's published sizes instead. Ask the sales centre for the plan sheet with interior area stated, and check it against the recorded area once the Declaration is filed.

## Floor plans

Interior area and total area are stated separately, and the difference is the balcony. This matters because a listing that quotes the total looks cheaper per square foot than it is, and the County records only the interior. Every $/sf figure on this page uses interior area.

| Plan | Interior | Total | Balcony |
|---|---|---|---|
| A7 · 1 bed | 750 sf | 870 sf | 120 sf |
| A14 · 1 bed | 1100 sf | 1220 sf | 120 sf |
| B1 · 2 bed | 1060 sf | 1265 sf | 205 sf |
| B3 · 2 bed | 1250 sf | 1475 sf | 225 sf |
| C10 · 3 bed | 1895 sf | 2385 sf | 490 sf |
| C2 · 3 bed | 2075 sf | 2550 sf | 475 sf |

## Photographs

The 13 photographs carried on MLS listing A12118663 at this address. On a building still under construction these are the developer's renders and the sales-gallery material, not the finished product.

**Photographs** © SEFMLS, displayed from the MLS under the same licence that permits display of the listing itself. Renders are the developer's own and are subject to change.

## What the deposit costs to hold

A preconstruction deposit is committed years before you hold a deed, earning nothing. That carry is a real cost of the trade and it is never in the pitch. Modelled on $1,250,000 at 4.5% simple, 25 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $125,000 | $125,000 | 25 mo | −$11,719 |
| Second instalment (assumed standard) | 10% | $125,000 | $250,000 | 22 mo | −$10,312 |
| Third instalment (assumed standard) | 10% | $125,000 | $375,000 | 13 mo | −$6,094 |
| At closing | 70% | $875,000 | $1,250,000 | 0 mo | −$0 |
| Committed before closing |  |  | $1,250,000 |  | −$28,125 |

Why this line matters more than the yield

Nothing is rented and nothing is owned meanwhile, so the whole return has to come from the gap between contract price and the market at delivery. That carry, about $28,125, is the hurdle before you break even, and deposits are generally non-refundable, so a delivery that slips extends it without your consent.

## Carry at delivery

What it costs to own before any income, on the entry residence. Its area is not published, so the lines priced per foot are left blank rather than guessed.

| HOA, not published by the developer | — |
|---|---|
| Property tax at 2.02% of $1,250,000 | −$25,250 |
| Insurance (HO-6), $3.60/sf | — |
| Annual carry, before any income | −$25,250 |

**What to secure before you sign**

Three things. The rental clause: the broker sheet markets the Sky Residences at a 30-day minimum, while the Short-Term Rental Residences rent nightly only inside Hilton's programme, so you are choosing between a home and a hotel room, and the declaration should say which. The deposit schedule: not published, so the carry uses Miami's 10/10/10/70, about $28,125 on $1,250,000 over 25 months. And the C-PACE: it is repaid as an assessment with the property tax, so ask what share of the $200M each unit carries after delivery.

## Delivery risk

| Construction financing | $200M of C-PACE financing from Bayview PACE, closed January 2026 with the structure at the 40th floor (The Real Deal, 7 January 2026). Okan Group had sought EB-5 capital for the tower in August 2025. |
|---|---|
| Presold | 60% at last disclosure |
| Delivery | 2028 per Florida YIMBY (January 2026); the broker inventory sheet says 2029. Ground was broken in 2022 and the tower passed its 40th of 70 floors in January 2026. 25 months is the model here, not a contract date. |
| Developer | Okan Group, the Istanbul developer founded in 1972 and led by Bekir Okan; this is its first US project. Okan Construction is the general contractor, Behar Font & Partners the architect, Hilton the hotel operator. |
| Rental policy | Sky Residences marketed as monthly rental, 30-day minimum (broker inventory sheet, read 17 September 2026); the separate Short-Term Rental Residences rent nightly through the Hilton Miami Bayfront programme (developer site, read 9 November 2026) |

## Recommendation

BlueBay Brokers · Okan Tower

### Buy the structure, not the list price

Construction risk is lower than in most of the downtown pipeline. The tower passed its 40th of 70 floors in January 2026 on $200M of closed financing, built by the developer's own contractor, with a Hilton operating the hotel below. That is what the premium buys.

The price is the issue. At $1,136 to $1,667 a foot against $879 for new resales, buy only a plan whose interior area you have in writing, negotiate toward the resale number, and pick the Hilton programme or the 30-day Sky Residence knowing they are two different assets.

## Want the rest of it?

I am Steve Gabison, a Florida broker, licence BK3411036. I wrote this page. New developments are Carolina Peña's desk at BlueBay Brokers, broker, licence BK3288753: she will send you what is behind it, in English or Spanish.

#### The full file

This page is the public read. The file adds the unit-level price list and what is actually left, the developer's land basis and what it says about room on price, the recorded rental language, and a rental underwriting on the specific line you are looking at. No charge.

#### On the purchase

Developers in this pipeline pay a cooperating broker, so having me represent you costs nothing on top of the price. I negotiate the deposit schedule, the credits and the co-broke, with the recorded comps to argue from.

#### After delivery

This building is monthly, not nightly, so Property Management Brickell LLC would run it as mid-term. Different rate, different occupancy, and I will show you that pro forma rather than a nightly one.

## Read next

- [38 West Eleventh, Downtown, Delivering Q1 2028](https://bluebaybrokers.com/buildings/38-west-eleventh)
- [Flow House, Downtown, Delivered 2026](https://bluebaybrokers.com/buildings/flow-house)
- [HUB Miami Residences, Downtown, Delivering 2027 (marketed)](https://bluebaybrokers.com/buildings/hub-miami)
- [All the new-development studies](https://bluebaybrokers.com/new-developments)
- [Developer price vs resale on six delivered Miami condos](https://bluebaybrokers.com/developer-price-vs-resale-miami)
- [What a preconstruction deposit costs to hold](https://bluebaybrokers.com/preconstruction-deposit-carry-miami)
- [Buying preconstruction in Miami as a foreign buyer](https://bluebaybrokers.com/buy-preconstruction-miami-foreign-buyer)

## Sources

- [The Real Deal, Okan Tower gets $200M in C-PACE debt (Jan 2026)](https://therealdeal.com/miami/2026/01/07/okan-tower-miami-gets-200-million-in-c-pace-debt)
- [Florida YIMBY, $200M C-PACE financing as construction reaches 40th floor (Jan 2026)](https://floridayimby.com/2026/01/200-million-c-pace-financing-secured-for-okan-tower-as-construction-reaches-40th-floor-in-downtown-miami.html)
- [The Next Miami, Okan Tower 60% sold, construction at 12th floor (Jan 2025), developer press page](https://okantowermiami.com/landing/downloads/thenextmiami.com_01.16.25.pdf)
- [The Real Deal, Okan Group seeks EB-5 investors (Aug 2025)](https://therealdeal.com/miami/2025/08/27/okan-group-seeks-eb-5-investors-for-miami-condo-hotel-tower)
- [Developer site, Sky Residences floor plans](https://www.okantowermiami.com/sky-residences/)
- [Developer site, Short-Term Rental Residences](https://www.okantowermiami.com/short-term-rental-residences/)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-11-09. Deemed reliable, not guaranteed.

**Developer data.** Unit counts, sizes, pricing and delivery dates are the developer's own and are not verified by BlueBay Brokers LLC, which does not represent the developers named here and receives no compensation from them.

**Not investment advice.** A scenario built from stated assumptions. Deposit carry uses simple interest and ignores tax. The recorded condominium documents govern every legal question raised here. Consult your own tax and legal advisers.

**Rental policy** as published by the developer and routinely amended before closing.