CBRE Arranges $28.5M Off-Market Sale Of 1.1-Acre Development Site
The property features a full block’s frontage on Biscayne Boulevard between 25th and 26th streets.
The property features a full block’s frontage on Biscayne Boulevard between 25th and 26th streets.
The first phase of the affordable/workforce apartment community will deliver 120 apartments catered to seniors in Leisure City of southern Miami-Dade.
Proposed changes are under consideration that would smooth out ambiguities in the law that have been used to push back on proposals as well as tighten rules around project heights and the types of sites that qualify under its provisions.
Grove Central, located at the intersection of US-1 and SW 27th Avenue, includes a 23-story residential tower with 402 multifamily, workforce and co-living units, a new 1,250-space public parking garage, and approximately 170,000 square feet of neighborhood retail.
The project consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, 40 percent cater to low-income seniors, while the remainder is allocated to residents earning up to 120 percent of the area’s median income.
The wellness-forward condo-hotel project is more than 50 percent sold, with this milestone paving the way for a 2025 delivery in Miami’s Brickell neighborhood.
Colliers Vice President Virgilio Fernandez represented the seller and the buyer in the transaction.
Completion is estimated for Q2 2024.
The 41-story mixed-use development will bring 306 condominium residences and 245,000 square feet of Class-A office space to Downtown Miami.
The portfolio of 96 properties includes rental apartments, single-family homes, an office condo unit and a developable site zoned for a three-story rental building.
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