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| Miracle Mile Retail Corridor, Downtown Coral Gables, FL |
New York, NY –
Greystone, a real estate investment and development firm, today announced the
closing on a parcel of land near the popular Miracle Mile commercial
section of Downtown Coral Gables in Miami, Florida.
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| Jeffrey Simpson |
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.
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| Henry Pino |
“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.
For a complete copy of the company’s news
release, please contact:
Karen Marotta
PR Manager
Greystone
152 W. 57th Street
New York, NY 10019
212-896-9149 direct
917-902-7073 mobile
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