Some of what a residence comes with sits outside its walls. At Olara, here is how those spaces are held, and why the declaration matters more than the floor plan.
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A Florida condominium like Olara splits the building three ways: the residence, which is yours; the common elements, which all owners share; and between them the limited common elements, common property reserved for one residence or a few. Terraces, storage rooms, private elevator landings, cabanas and parking spaces often fall here. The declaration decides which is which, and that decides who repairs and insures each space.
Olara: Two assigned full sized parking spaces with EV capability per residence; twelve guest suites in the building.
Read it against the Kempinski Residences Miami Design District dossier for the nearest comparison.
Some are fixed in the declaration to a named residence. Others are assigned by the developer during sales, by recorded instrument and often for an added price. Some declarations let owners trade an assigned space with notice to the association; others forbid it. Ask for the exhibit at Olara that lists your assignment. A storage room promised in an email is not assigned until the paper says so.
Olara: 275 residences of two to four bedrooms plus den across 26 storeys; construction at floor 15 as of August 2026; phased delivery late 2026 through 2028.
A storage room at Olara comes with rules: what may be kept, with flammables usually barred; access hours; who holds a key; whether it is cooled. Contents are the owner’s to insure. Ask whether the room is caged or walled, above the flood line, and charged in the budget.
Olara: Over 80,000 square feet centred on a private sixth floor deck; dining by Jose Andres Group including an 8,500 square foot indoor and outdoor waterfront restaurant and a dockside oyster bar; private marina with resident slips, a captained fishing boat and a cruising yacht; 24 hour doorman, valet and security; resident manager and concierge.
Many declarations charge the upkeep of a limited common element to the owner who uses it. Enclosing a terrace or adding heavy planters or a hot tub needs the board’s consent and often an engineer’s letter. At resale an assigned space normally passes with the residence; a separately sold one may not. The desk asks which spaces come with a residence at Olara, on which exhibit, and whether any can be sold apart from it.
If it is not in the exhibit, it is not yours. It is a hope drawn on a plan.
Developer materials for Olara as carried on the live dossier, verified September 2026. Compiled by the desk at Miami Dossier; figures are approximate and the developer’s.
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We hold no listings and we are not the developer. Contact the desk at Miami Dossier and we will tell you what applies to your situation, what does not, and where we would not proceed. On this topic that means the document before the opinion. Where a question is legal, tax or structuring, we introduce you to advisers who handle that properly rather than answering it ourselves.
The Miami Dossier team works for the buyer, not the developer. Every agent on Samuel Strauch’s team represents buyers in Miami pre-construction.
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