Urban Investment is the development arm of Greenwich, CT-based Starwood Urban Group which has been growing its South Florida retail portfolio in the past three years. Starwood's 150,000 sf of owned retail properties on Miracle Mile, the city's core retail district, make the Connecticut firm the largest property owner in the city. Starwood values its total portfolio in South Beach and Coral Gables at $90 million.
The $50 million loan covers the construction of 55 Miracle Mile, a four-story retail/restaurant/office complex planned for 27,000 sf office with 13,500-sf floor plates; and the adjacent 15-story, 309,000-sf One Aragon undertaking comprising 184 luxury rental apartments and an undetermined amount of class A office, shops and restaurants.
Hollywood, FL-based John Moriarty & Associates of Florida is the general contractor. No pre-leasing has been announced.
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