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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.
The new South Florida office will support STRO’s rapidly growing Florida portfolio, which now includes 10 industrial buildings totaling approximately 1 million square feet.
Pricing expectations exceed $200 million.
RFR acquired the tower and an adjacent parking garage in 2022 for $81.1 million.
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