Constellation Group Acquires Development Site Along US 1 In Miami’s Coconut Grove For $12 Million

Constellation Group announced the acquisition of a nearly 28,000-square-foot development site fronting U.S. 1/South Dixie Highway in Miami’s Coconut Grove neighborhood.

The lot, located at 3000 SW 28 Street in Miami, is currently occupied by Farrey’s Lighting & Bath, a 100-year-old family-run business. Constellation purchased the site for $12 million from owner John Farrey.

The closing took place on Oct. 1.

Constellation Group, which is evaluating the highest and best use for the property with a focus on long-term value creation, will disclose plans for the site at a future date.

“This site represents a unique, long-term investment opportunity in one of Miami’s oldest, most dynamic commercial corridors,” said Eduardo Otaola, Managing Principal at Constellation Group. “This acquisition underscores our bullish perspective on both Coconut Grove and the role of transit-oriented development in Miami’s future.”

The 27,973-square-foot lot is located on the southbound side of U.S. 1, just steps from the Grove Central mixed-use center and the Coconut Grove Metrorail station.

Farrey’s Lighting & Bath will continue operating at the property for up to 120 days under the terms of the agreement, allowing the company to manage the next phase of its transition.