Gamla Cedron Converts Little Havana Apartment Building Into Affordable Condos

Key Points

• Conversion Play: Gamla Cedron Group is converting a fully built 100-unit apartment building in Little Havana into for-sale condos.

• Affordable Entry: One-bedroom units start in the $300,000s; two-bedrooms start in the $400,000s — a relatively accessible point for Miami.

• Owner-Friendly Financing: The developer is working with Fannie Mae to enable conventional financing for first-time buyers.

What’s Happening

Aventura-based Gamla Cedron Group, led by CEO Shaoul Mishal, is turning its Centralis Residences in Little Havana into a condo project. The 8-story, 100-unit building at 1110 NW 1st Street — completed in 2023 — is now being offered for sale.

Douglas Elliman, via its Solis Chirino Group, has been hired to manage sales, led by Miguel Solis and Mario Chirino. Sales are live, and reservations are being accepted now, with planned closings beginning in February next year.

Sales & Financing

• Brokerage: Douglas Elliman’s Solis Chirino Group is handling all condo sales.

• Reservations Open: Interested buyers can reserve now.

• Closings: Expected to begin February next year.

• Financing: Gamla Cedron is pursuing Fannie Mae approval to make conventional financing accessible to first-time buyers.

• Tenant Conversion Option: Current renters in the building will have the first right to buy their units.

Why This Matters

• Trend Insight: This is part of a growing wave of apartment-to-condo conversions, especially in markets where demand for homeownership is eclipsing rental demand.

• Affordability Angle: By converting a built project, the developer is offering for-sale units faster than a typical ground-up condo development — appealing to buyers who don’t want to wait years.

• Investor Signal: For landlords and CRE investors, this conversion underscores how for-sale markets may be stronger than ever in certain Miami neighborhoods — and how developers are pivoting accordingly.

Tapping Into Sales Momentum

Centralis Residences arrives at a moment when Miami’s for-sale market is outperforming rentals in key neighborhoods, and Gamla Cedron Group’s pivot taps directly into that momentum. By converting an already completed building, the team is delivering attainable, financeable product into the market far faster than a ground-up development cycle would allow — meeting demand from both first-time buyers and existing tenants ready to build equity. With accessible price points, owner-friendly financing, and a sales program already underway, this project signals how apartment-to-condo conversions are becoming a strategic play for developers and a real opportunity for Miami buyers seeking a quicker, more affordable path to homeownership.