Downtown and Worldcenter · Miami

The Elser Hotel & Residences Condos for Sale — 398 NE 5th St, Downtown Miami and Worldcenter

Forty-nine stories, 571 feet, 646 residences — a figure PMG and Greybrook publish and the Miami-Dade roll confirms exactly, folio for folio. In this market that almost never happens.

The tower that changed its mind

This building was designed and started as Society Biscayne, a 49-story mixed-use rental tower. In July 2022, with the structure essentially finished, PMG announced it would sell the units instead. The grand opening followed on November 17, 2022, and what had been drawn as apartments opened as a condominium with a hotel wrapped through it.

That history explains almost everything about how the building works. A tower conceived from day one for renters was engineered for turnover: a full ground-floor lobby with a front desk, a garage below, residences stacked from the fourteenth floor to the forty-ninth, and an amenity deck sized for a population, not a homeowners' association. When it converted, it did not have to retrofit any of that. It simply started selling the keys.

The name reaches further back. Elser Pier stood on the Biscayne Bay shoreline in downtown Miami from around 1917 and served for roughly seven years as the city's principal venue for conventions, exhibitions and public entertainment before it disappeared. Florida State Archives photographs of it survive. The tower is not on the pier's footprint, but it is in its neighborhood, and the borrowed name is one of the few in this market with something real behind it.

Where the county and the developer line up exactly

The Miami-Dade County Property Appraiser records this building as 398 NE 5TH STREET CONDO, year built 2022, with 646 residential folios. PMG and Greybrook publish 646 residences. Those two numbers match precisely — and after enough of these pages you learn how rare that is. Unit counts routinely drift by a dozen or more between the press release, the offering and the recorded declaration.

Be aware that third-party listing sites have published other figures for this tower — 704 units and 47 stories both circulate. The roll and the developer agree on 646; the building's own opening materials, contemporaneous coverage and the structural record all give 49 stories and 571 feet. Where a portal disagrees with the county, the county is the document that closes.

The architecture is Sieger Suarez Architects, a firm that has been drawing serious South Florida towers for four decades, with interiors by Cotofana Designs. The structural engineer of record was CHM Structural Engineers, with John Moriarty & Associates of Florida as general contractor and M.C. Velar on the shell. At 571 feet it is one of the taller things in Park West, and the upper floors read the bay properly.

Nineteen thousand square feet, and eight grills

The amenity deck is the reason to take this building seriously. It runs over 19,000 square feet as a double-height sun terrace, and it is organized around a 132-foot resort-style pool with private lounge areas along its length — long enough to actually swim, which is not a given at this altitude in this city. A temperature-controlled swim spa sits alongside it, and an LED wall and a theater lawn turn the deck into an evening room rather than a daytime one.

Then there are the eight electric grills. It sounds like a footnote until you have lived somewhere with one grill and a sign-up sheet. Eight means the deck can host eight separate parties on a Saturday without anyone negotiating, and that is a specification decision that tells you the building was planned for a full house.

The fitness center is two stories and 10,200 square feet, with a yoga deck — a genuine facility, not a mirrored room with a rack of dumbbells. Below the residences, a two-level co-working lab carries 11 reservable conference rooms, which is more meeting space than some office buildings on this block. Jaguar Sun operates the restaurant and cocktail bar; Café Domino runs the coffee lounge. There is an owners' lounge, valet parking and EV charging in the garage.

Depth is what earns this deck its rating. Pool, spa, wellness, dining, coffee, entertaining space and working space are all on site and all staffed. What it is not is a waterfront property — there is no dock and no beach, and no amount of decking substitutes for that.

The residences

Residences occupy floors 14 through 49, in layouts from studios to three-bedrooms, roughly 400 to 1,300 square feet. Ceilings are 9 feet 2 inches with floor-to-ceiling glass, and balconies face the Biscayne Bay and downtown skyline exposures. The height of the residential stack matters here: starting at the fourteenth floor means even the lower residences clear the surrounding streetwall.

Interiors by Cotofana Designs are specified as a hospitality product rather than a developer shell — Italkraft Italian cabinetry with quartz counters, stainless Frigidaire appliances, wood-grain porcelain flooring throughout, and smart-home controls including Ecobee thermostats and keyless entry. Washer and dryer are in select residences; confirm which on any specific line.

They were delivered fully furnished. That was the point of the conversion — a residence that can be occupied, or let, the day it closes, with nothing to specify and nothing to wait for.

Built for both kinds of stay

Hotel operations are run by Highgate, one of the larger independent hospitality operators in the United States. This is not a brand license with a logo on the porte-cochère: there is a front desk, housekeeping, valet, 24/7 concierge and food and beverage on site, staffed as a hotel because the building was drawn as one.

That is the structural advantage here. Most condominium towers marketed for short stays are retrofitting a use their governing documents were never written for. This one was designed for nightly and long stays from day one, and the operator arrived with the building rather than after it.

The developer describes an on-site rental program through which owners may place residences for short stays, with longer leases handled separately; published descriptions have referred to stays under six months running through the professional on-site operator. Treat all of that as the developer's and operator's description of their own program. Before you rely on any of it, read the recorded declaration, the association's rules and the rental management agreement itself, and have your attorney confirm the terms, the split and the obligations that come with participating.

The neighborhood, and who it suits

The Elser sits a block off Biscayne Boulevard in Park West, which puts an unusual amount within a five-minute walk. Bayfront Park covers 32 acres at 301 Biscayne, redesigned by Isamu Noguchi, with an amphitheater, a rock garden, a dog park and a fountain of more than 800 synchronized jets. Bayside Marketplace at 401 Biscayne carries roughly 100 waterfront shops and restaurants, and Miamarina alongside it holds 125 wet slips for vessels from 55 to 230 feet with fuel, pump-out and customs clearing. Kaseya Center is at 601 Biscayne and the Freedom Tower at 600.

North and west, Miami Worldcenter's 300,000 square feet of retail around World Square is a few blocks up; Maurice A. Ferre Park holds the Perez Art Museum Miami and the Frost Museum of Science, with the Adrienne Arsht Center at 1300 Biscayne. Club Space at 34 NE 11th Street and E11EVEN at 29 NE 11th anchor the Park West late block. Zuma is at 270 Biscayne Boulevard Way, Il Gabbiano at 335 South Biscayne, CVI.CHE 105 at 105 NE 3rd Avenue, and the Miami River's north bank runs its own restaurant row — Seaspice at 422 NW North River Drive, Kiki on the River at 450, Garcia's Seafood Grille at 398. Brightline's MiamiCentral is a short walk, the free Metromover is at the corner, and PortMiami is one bridge east. MIA is about 7 miles and 15 to 25 minutes via SR-836; FLL is 28 miles and 35 to 50 minutes up I-95.

Who it suits: the owner who wants a residence that earns when they are not in it, and who would rather have a hotel operator handle the guest than a phone in their pocket at midnight. It suits the lock-and-leave buyer for the same reason — furnished, staffed, and someone at a desk downstairs all year. And it suits anyone who wants a serious gym, a 132-foot pool and eleven conference rooms in the building they sleep in, because that combination is uncommon at this altitude downtown.

It is a weaker fit if you want a boat at your back door, a floor plan measured in thousands of square feet, or a quiet building. This is a large, busy, well-run tower doing two jobs at once. Do the document work on the rental program before you buy on the numbers, and it is one of the more coherent propositions in Downtown Miami.