CORAL GABLES, FL - Greystone, a real estate investment and development firm, announced the closing on a parcel of land near the popular Miracle Mile commercial section of Downtown Coral Gables in Miami, Florida. The project, a joint venture with Miami-based Alta Developers and Strategic Properties, represents Greystone’s entry into the Miami multifamily development market.
“The Mile,” a planned 13-story, 119-unit mixed-use property with street-level retail, will be situated along Coral Way, just one block from the prominent Miracle Mile shopping district, which comprises several blocks of retail, dining and entertainment. Once fully developed, the property will have a projected value in excess of $40 million.
“We feel that the Coral Gables market is extremely promising for multifamily real estate development, considering the increasing demand for housing within walking distance of the area’s shopping, restaurants and cultural activities,” said Jeff Simpson, CEO of Greystone Property Development. “The Mile’s proximity to downtown and the airport is a key reason why the Downtown Coral Gables location is so attractive for a growing influx of sophisticated residents,” Simpson added.
“Greystone’s deep multifamily expertise pegged them as ideal partners for this project, and we look forward to developing a modern and exciting residential addition to the flourishing Downtown Coral Gables area,” said Henry Pino of Strategic Properties.
The Mile’s multifamily development site is located at 3622 S.W. Coral Way, with construction planned to begin in the first quarter of 2014. The property will feature a swimming pool; secure garage parking, fitness center, concierge and other luxury amenities. Architectural firm Behar Font & Partners, based in Coral Gables, has been retained for the project.
Outside of this initial foray into the Florida multifamily market, Greystone is currently developing several other multifamily properties in high-demand neighborhoods of New York City, including the West Village, Williamsburg and DUMBO, among others.