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| 635 Almeria Avenue Apartments, Coral Gables, FL to be demolished for new development |
MIAMI, FL, Nov. 26, 2013 — Franklin Street Real Estate
Services, a full-service commercial
real estate firm with offices in Tampa, Atlanta, Jacksonville, and Miami,
brokered the sale of one of the few remaining pieces of prime developable land
in Coral Gables, FL.
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| Deme Mekras |
Franklin Street’s Deme
Mekras represented the buyer, developer Michael Garcia-Carillo,
whose company GC3 Development plans on tearing down an existing older apartment
building to construct five new luxury townhomes. The sales price for the property was $2.075 million representing
$415,000 per lot.
“The price on this
deal underscores the fact that the luxury housing market continues to heat up
here in South Florida,” said Mekras, regional managing partner for Franklin
Street’s Miami office. “Coral Gables is
one of Miami-Dade County’s most mature and exclusive neighborhoods. There is a lot of demand to live here.”
The homes will be
built adjacent to another small town house community developed by the seller
during the last real estate boom.
Mekras said prices for the new residences will start at around $1.7
million. They will offer spacious floor
plans, garages and open courtyards.
“The town homes will
be a perfect fit for empty nesters relocating to Florida from across town or
from another state or country who want to downsize and free themselves from the
maintenance of a house, while maintaining luxury and a great location.”
Located at 635
Almeria Avenue, the development is easily accessible to the famed Miracle
Mile, downtown Coral Gables’ bustling nightlife, dining and world-class
shopping. Sales of the units are
expected to kick off officially in early 2014.
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| Miracle Mile retail corridor, Coral Gables, FL |
Mekras noted that
the Almeria property is special in that there is very little land left in Coral
Gables for new residential construction.
“We’ve seen some new
rental product built in Coral Gables since this current boom began, but not
much in the way of for sale product,” said Mekras.
“With that in mind and the ultra-luxury units at 635 Almeria,
this project should do very well. “
While Mekras
represented the buyer, the deal itself was an off market transaction.
For a complete copy of the company’s news release, please
contact:
Todd Templin
Boardroom Communications
954-370-8999/954-290-0810
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