MIAMI—New York City-based Greystone has closed on the purchase of a 1.04-acre parcel of land in the Edgewater district of Miami where it plans to build a mixed-use development with locally-based joint venture partners Alta Developers and Strategic Properties.
The project, the second development venture by the three partners, is a planned 156-unit mixed-use residential high-rise near Biscayne Bay that will also feature 20,000 square feet of street-level retail. Once fully developed, the property will have a projected value in excess of $60 million.
The development site is located at 2500 Biscayne Blvd. with construction planned to begin in December 2014. The property will feature a swimming pool, secure garage parking, fitness center, concierge and other luxury amenities. Architectural firm Behar Font & Partners of Coral Gables has been retained for the project.
“The Miami real estate market is extremely vibrant—much like New York, but unique in its own way—and we are enjoying the exploration, acquisition and development process as an extension of our development roots in the North,” says Jeff Simpson, CEO of Greystone Property Development. “All of our local partners have been integral to the development of our South Florida projects and we look forward to more in the pipeline.”
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