MIAMI, FL - Greystone, a New York-based real estate development, lending and advisory company, announced the $8.8 million acquisition of a shovel-ready development site located at 1501 SW 37th Avenue in Miami, FL. The project lies on an approximately 34,000 square foot (net) lot that will be developed into approximately 91,000 square feet of residential and 6,500 square feet (net) of ground-floor retail space.
Borges and Associates, a leading world-class architectural and design firm, envision a 14-story building, with amenities including: an outdoor pool and spa, club room, business center and a fully equipped, 24-hour fitness center. The development plan is fully approved and includes a total of 100 residences with one- and two-bedroom apartments. All units are anticipated to have private balconies, with two townhouse-style units boasting rooftop terraces.
1501 SW 37th Avenue is slated for completion in the first quarter of 2018. The property is ideally situated within walking distance to Downtown Coral Gables and Miracle Mile.
Marking its third South Florida development project, Greystone continues to grow in the region, having developed more than 800,000 gross square feet to date. 1501 SW 37th Avenue is a short distance from The Mile, a 120-unit luxury rental building developed by Greystone and sold to a major national REIT in December 2015 for $48 million ($400,000 per unit), marking record pricing in Miami.
Greystone also is currently developing 2500 Biscayne Boulevard, a 20-story luxury apartment complex with street level retail located near Biscayne Bay. 2500 Biscayne was acquired by Greystone in May 2014 as a 45,365 square foot (1.04 acre) parcel of land in the Edgewater district of Miami. The project is currently being developed into a 156-unit mixed-use property boasting 11,000 square feet of street-level retail.
"The Miami real estate market is extremely vibrant - much like New York, but unique in its own way - and we are enjoying the exploration, acquisition and development process as an extension of our development roots in the North," said Jeffrey Simpson, head of Greystone Development. "All of our local partners have been integral to the success of these South Florida projects and we look forward to adding more in the pipeline," Simpson added.
Source: Greystone / #Apartments #Multifamily