Ocean Bank Provides $43.3 Million For Hialeah Transit-Oriented Development
The 8-story development is set for completion in early 2028.
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The 8-story development is set for completion in early 2028.
The transaction provides MG Developer with additional flexibility to advance future development plans on the property’s excess land.
The 13-story development will include 83 residences between the Atlantic Ocean and the Intracoastal Waterway, with homes starting at $2.5 million.
The development is planned to include thousands of affordable and workforce housing units, several hundred thousand square feet of retail and office uses, and medical and institutional uses, with an economic impact in the billions of dollars.
The project, which is expected to deliver in the fourth quarter of 2026, will offer approximately 485,000 square feet of Class A industrial space across three buildings.
The 117-unit community is a rarity for any new development in or around Coral Gables, with most residences priced under $1 million.
The two buildings total 157,510 square feet and are 87.6% leased.
He brings more than two decades of institutional experience across leasing, investment and advisory services, having overseen over $4 billion in transactions involving more than 7 million square feet of office assets across Florida’s major markets.
The prime Coconut Grove asset traded for $61 million, achieving a record-breaking price of more than $1,100 per square foot.
This transaction brings the 420,525 square feet of rentable Class A office space at the project to nearly full occupancy.
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