Okan Tower Miami: Complete Buyer's Guide

Okan Tower Miami is a 70-story mixed-use development in Downtown Miami featuring a Hilton Hotels & Resorts partnership, condo-hotel units with rental income potential, and luxury sky residences starting at $1M+. Here's everything you need to know to make an informed investment decision.

What Is Okan Tower Miami?

Okan Tower is a $500M+ development by Okan Group, a Turkish conglomerate with a portfolio of hotels, resorts, and commercial properties across Turkey, Europe, and now Miami. The iconic 70-story supertall features a distinctive tulip-shaped crown that will become one of Downtown Miami's most recognizable landmarks.

The development is divided into three distinct segments:

• Hilton Hotel (Floors 5-11): A 253-room Hilton Hotels & Resorts branded hotel managed by Hilton
• Condo-Hotel (Floors 12-35): 325 units offering optional enrollment in the Hilton rental program, available from the $300s
• Sky Residences (Floors 36-70): 380 luxury private residences starting at $1M+

Location is critical. Okan Tower sits at 555 North Miami Avenue in the Arts & Entertainment District, a neighborhood transforming rapidly with new cultural institutions, dining, and entertainment. It's walkable to the Miami Worldcenter mixed-use campus and connected via Brightline to Fort Lauderdale and West Palm Beach.

Understanding the Mixed-Use Structure

The three-tier structure is what makes Okan Tower unique and attractive to different buyer profiles:

The Hotel Component validates the brand and attracts high-end travelers to the building. Hilton's operational expertise ensures consistent property management and a professional on-site presence.

The Condo-Hotel Program is the income-generating opportunity. If you purchase a unit on floors 12-35, you can enroll in Hilton's optional rental program. Hilton manages booking, guest services, and operations. You receive proceeds after Hilton's management fee (typically 25-35% of gross rental revenue). In Miami's short-term rental market, well-located condo-hotels in branded hotels can generate 5-8% annual cash-on-cash returns, though this varies by unit type, location within the building, and market conditions.

The Sky Residences on floors 36-70 are purely residential. These are primary residences and second homes for owner-occupants who want the amenity package and prestige of Okan Tower but no rental obligation.

Unit Types and Pricing

Okan Tower offers a full range of floor plans:

• Studios & 1-Bedrooms: 400-700 SF, starting from the $300s (condo-hotel)
• 2-Bedrooms: 800-1,100 SF, mid-$400s to low $600s (condo-hotel); $1.2M-$1.8M (sky residences)
• 3-Bedrooms & Penthouses: 1,200-2,500+ SF, $700s to $2M+ (condo-hotel); $2M-$5M+ (sky residences)

Pricing reflects the positioning: condo-hotel units are more affordable because of the shared amenity package and management requirements; sky residences command premium pricing due to location, views, and residential-only positioning.

The Deposit Structure

The deposit structure is straightforward: 50% at contract, 50% at closing. Exact milestone dates are tied to construction progress. Typically:

• 10-15% due upon signing the purchase agreement
• 35-40% due at subsequent construction milestones (major structural completion, amenity buildout phases)
• 50% balance due at closing (estimated 2027)

Interest accrues in a developer-held escrow account. This structure allows buyers to stage their capital deployment across the construction timeline rather than paying everything upfront.

Investment Potential: Three Angles

1. Condo-Hotel Rental Income — Units on floors 12-35 generate ongoing rental revenue through the Hilton program. Not all buyers exercise this option, but those seeking passive income find it attractive. The Hilton brand lends credibility and operational stability.

2. Downtown Miami Transformation — Downtown Miami is experiencing structural economic growth. Brightline's arrival, Miami Worldcenter's mixed-use development, the expanding Arts & Entertainment District, and new cultural institutions (Pérez Art Museum, ICA Miami) are reshaping the neighborhood from a financial district into a destination. Property values and rents are appreciating accordingly.

3. Developer Track Record — Okan Group's decades of experience in international hospitality development provides confidence in execution. The Hilton partnership adds another layer of credibility. The group's investment in a flagship $500M+ Miami project signals commitment to the U.S. market.

Amenities & Building Services

Okan Tower will feature:

• Two 25,000 SF resort-style pool decks with cabanas and lounging areas
• Fitness center with cardio, strength, and functional training zones
• Spa with sauna, steam room, and massage therapy
• Business center and co-working spaces
• Concierge services (condo-hotel residents benefit from hotel-level service)
• Fine dining and casual restaurants on-site
• Valet parking and EV charging stations
• Rooftop lounge with 360-degree views

Condo-hotel and sky residence owners share most amenities, though condo-hotel residents also have access to hotel services (housekeeping, room service, etc.).

Timeline and Construction Status

Okan Tower is currently under construction. Expected completion is 2027. The developer has provided detailed construction milestones, and the project is tracking to schedule.

As a buyer, you should be aware: pre-construction developments carry execution risk. Developers can face financing challenges, construction delays, or market changes. However, Okan Group's scale and the Hilton partnership mitigate this risk significantly compared to smaller developers.

The Developer: Okan Group USA

Okan Group was founded by Bekir Okan in Turkey and has grown into a major international conglomerate. Their portfolio includes luxury hotels (Ottoman Palace chains), resorts across the Mediterranean, and commercial real estate in Europe and the Middle East. The move to Miami represents their largest North American development to date.

The Hilton partnership was not accidental. Okan Group specifically selected Hilton to co-brand and operate the hotel component, signaling confidence in the location and their vision for the project.

How to Buy at Okan Tower

The purchase process involves several key steps:

1. Registration & Floor Plan Selection — Contact WIRE Miami to register and access the full floor plan library. You'll select a specific unit and floor plan that matches your investment criteria (size, price point, condo-hotel vs. sky residence).

2. Deposit Agreement — Once you've selected a unit, you'll sign a purchase agreement outlining price, unit specs, deposit schedule, and closing date.

3. Due Diligence — Review the developer's financials, construction timeline, condo-hotel program terms, and any HOA documents. WIRE Miami can connect you with legal counsel specializing in real estate.

4. Monitor Construction — The developer provides quarterly updates on construction progress. You'll receive notifications as deposit milestones approach.

5. Closing — In 2027, once the building is substantially complete and inspections pass, you'll close on your purchase and receive your deed. Possession follows shortly after.

Is Okan Tower Right for You?

Okan Tower is best suited for buyers who:

• Are investing in Miami's Downtown neighborhood and believe in its long-term appreciation
• Want exposure to branded hotel amenities and services
• Are interested in optional condo-hotel rental income (condo-hotel buyers)
• Can commit capital for a 50% deposit over the construction timeline
• Are comfortable with a pre-construction development (execution timeline, minor design changes)
• Have international investment portfolios and appreciate developer reputation and track record

It's not ideal for buyers seeking immediate occupancy, those requiring primary residence tax benefits in the first year, or those who want to avoid pre-construction development timelines.

Contact WIRE Miami

Ready to explore Okan Tower Miami? Reach out to Adrian Sanchez at WIRE Miami for exclusive pricing, detailed floor plans, and personalized investment analysis.