Downtown Miami’s newest mixed-use development project, Okan Tower, has officially received its master construction permit. The building, which is set to be one of the tallest of the Miami skyline, will include both luxury residences and a 316-key Hilton Miami Bayfront Hotel. The project will move forward with the installation of plumbing, HVAC, electrical, elevators, and life safety.
The tower has reached the 30th floor of vertical construction, with the 50th projected to be completed by the end of the year. The builder, Okan Construction LLC, is on track to finish one floor per week, with vertical completion coming in around 2026. Located at 555 North Miami Ave., Okan Tower will be open to both guests and residents at an undisclosed time in 2027.
A feat for Miami builders
The project’s master permit has proven to be a feat for Miami, due to the consolidation of all key trades into one full sanction, allowing for work on each one to happen simultaneously.
“With this permit in hand, we now have the green light to complete every element of the building,” said Bekir Okan, chair of Okan Group in an August 11 statement. “It’s a defining step that moves us from structure to experience — bringing to life the Hilton hotel, luxury residences, office space, and amenities that will make Okan Tower a destination in itself.”
Last month, another luxury condominium project, the Baccarat Residences, also received a master building permit. Along with Okan, this marks three projects that have been granted a master permit – as Midtown 7, a 389-unit development, had its own approved on May 20, 2025.
A mixed-use haven
The Hilton Miami Bayfront Hotel will occupy 14 of the first 30 floors with a plethora of five-star amenities including, a Hilton Signature wellness spa, state of the art fitness center with instructor led classes, rooftop pool, and 24-hour lifestyle concierge staff.
Fully-furnished short-term condo rentals will be featured as part of Hilton’s condo-hotel program. The Sky Residences will occupy the uppermost floors, with 163 units that will provide unobstructed panoramic views, unrivaled privacy, and exclusive amenities – such as one of the world’s tallest rooftop pools. Okan will also be home to 64,000 square feet of office space, as well as multiple retail and dining venues.
The team behind Okan
The project has been spearheaded by Bekir Okan of the Okan Group, in the company’s first foray into Miami real estate.
According to the Okan Tower official website, the company is known for their investments in the construction, banking, textile, production and tourism industries. Upon their founding in 1972, The Okan Group is responsible for nearly 40 large scale projects globally. Fortune Development Sales are currently leading all marketing efforts for the residences.
