The site encompasses several lots at the intersections of S. Dixie Highway, Ponce de Leon Boulevard, Grand Avenue and the adjacent Metrorail station. "It's the top location in all of Miami and a prestigious Coral Gables address on US 1," Michael Fay, president of locally based Colliers Abood Wood-Fay, tells GlobeSt.com. As for the nearly $5.5-million-per-acre price tag, Fay says, "at about $123 per sf, this was a very good buy." Fay and Owen Cone, Liran Friedman and John Crotty of his office brokered the deal.

"When we were asked to help market the property," Fay says, "we determined what prospective retail tenants were likely to want to be there and, on the basis of Berkowitz' success with Dadeland Station, considered Jeff the best prospect. We marketed it to him under the name Gables Station."

Potential tenants include a grocery store, health club and big box retailer, such as Best Buy and Sports Authority, according to Fay. "There's little land for retail development here and it's particularly tough for a big box retailer to gain entry," he says.

Berkowitz, however, tells GlobeSt.com, "I wouldn't describe any of the potential tenants as big box." He says the center will encompass "at a minimum, 240,000 sf," and says, "it will be vertical retail. We have the ability to go to 96 feet," which he estimates will accommodate about four levels. He says he has talked with "quite a few" potential tenants, "but it's premature to go into any details." Groundbreaking will not occur before 2007, he adds.