MIAMI—Ram Realty Services just closed on 80 acres of land and inked a $120 million financing deal for the initial phase of a mixed-use development project in Miami. The project calls for 900 multifamily units and 300,000 square feet of retail as part of a community dubbed Coral Reef.
The first phase will see 408 luxury multifamily units and 250,000 square feet of retail and restaurants come online. Wells Fargo is providing financing for this $120 million initial phase. Ram says the project will ultimately growing to 125 acres.
Ram plans to break ground on the multifamily project within weeks. Mareas at Coral Reef will offer 408 apartments on 18 acres of land. Amenities include a swimming pool, volleyball courts, playground facilities, a dog park, and a vegetable garden. The remaining 192 multifamily units are scheduled for phase two. A separate community, across the street from Mareas and yet unnamed, will offer an additional 300 multifamily units in a future development.
“Our residents will be able to shop, choose from among a diverse group of popular restaurants and enjoy recreational opportunities, all with a reduced reliance on the automobile,” says Ram vice president Hugo Pacanins. “With over 30% of the land dedicated as preserve areas, we will offer a unique combination of quiet and convenience all in one location.”
Ram reports strong retail interest, with over 90% of phase one pre-leased. Walmart will anchor the retail with a 158,500 square foot Super Center. LA Fitness, Panera, Chick-fil-A, and Chili’s have also signed leases. According to Ram, lease negotiations are also underway with several leading national retailers. The second phase of the retail component will include 50,000 square feet of regional and national tenants.
The University of Miami (UM) sold the parcel, which fronts on Southwest 152nd Street (Coral Reef Drive) and is next to Zoo Miami, south of Kendall. The university had once planned to build a south campus at the location.
“As part of our long-term strategy, we both acquire and divest of assets including land,” says Brian Gitlin, assistant vice president for real estate at UM. “Consequently, we are able to divest and plan to use the proceeds for new projects at the University.”