MIAMI—Greystone is showing its love for Miami. The New York-based real estate development, lending and advisory firm just snapped up land for its third South Florida project.
Greystone bought a shovel-ready development site at 1501 Southwest 37th Avenue for $8.8 million. The lot is about 34,000 square feet.
Greystone plans to develop a 91,000-square-foot multifamily property with 6,500-square feet of retail space on the ground floor. The project, which is within walking distance to Downtown Coral Gable and Miracle Mile, is set for completion in the first quarter of 2018.
“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 Jeffrey Simpson, head of Greystone Development. “All of our local partners have been integral to the success of these South Florida projects and we look forward to adding more in the pipeline.”
Architectural and design firm Borges and Associates is drawing plans for a 14-story building, with amenities including an outdoor pool and spa, club room, business center and a fully equipped, 24-hour fitness center. The development plan includes 100 residences with one- and two-bedroom apartments with private balconies. Two townhouse-style units will have rooftop terraces.
Greystone has developed more than 800,000 gross square feet in South Florida. 1501 Southwest 37th Avenue is close to The Mile, a 120-unit luxury multifamily building Greystone developed and sold to major national REIT in December 2015 for $48 million. At $400,000 per unit, the sale marked record pricing in Miami.
Greystone is also developing 2500 Biscayne Boulevard, a 20-story luxury multifamily complex with street level retail located near Biscayne Bay. Greystone acquired the lot at 2500 Biscayne in May 2014. The Edgewater district project is being developed into a 156-unit mixed-use property with 20,000 square feet of street-level retail.
But is there too much multifamily going up in Miami? Nate Hanks, president and CEO of RealSource, is watching closely.
“The last several years have been great for multifamily,” he told panelists at the recent RealShare Apartments East conference. “It's been so good everybody thinks they can do it. It's making it harder to make the returns we've experienced in the past several years. We'll figure a way to find the areas of the country that make the most sense and still get a good return for our investments.”
Wondering how volatile the multifamily lending market is? Get insights from experts who are in the thick of the fray in my recent article.
MIAMI—Greystone is showing its love for Miami. The New York-based real estate development, lending and advisory firm just snapped up land for its third South Florida project.
Greystone bought a shovel-ready development site at 1501 Southwest 37th Avenue for $8.8 million. The lot is about 34,000 square feet.
Greystone plans to develop a 91,000-square-foot multifamily property with 6,500-square feet of retail space on the ground floor. The project, which is within walking distance to Downtown Coral Gable and Miracle Mile, is set for completion in the first quarter of 2018.
“The Miami real estate market is extremely vibrant—much like
Architectural and design firm Borges and Associates is drawing plans for a 14-story building, with amenities including an outdoor pool and spa, club room, business center and a fully equipped, 24-hour fitness center. The development plan includes 100 residences with one- and two-bedroom apartments with private balconies. Two townhouse-style units will have rooftop terraces.
Greystone has developed more than 800,000 gross square feet in South Florida. 1501 Southwest 37th Avenue is close to The Mile, a 120-unit luxury multifamily building Greystone developed and sold to major national REIT in December 2015 for $48 million. At $400,000 per unit, the sale marked record pricing in Miami.
Greystone is also developing 2500 Biscayne Boulevard, a 20-story luxury multifamily complex with street level retail located near Biscayne Bay. Greystone acquired the lot at 2500 Biscayne in May 2014. The Edgewater district project is being developed into a 156-unit mixed-use property with 20,000 square feet of street-level retail.
But is there too much multifamily going up in Miami? Nate Hanks, president and CEO of RealSource, is watching closely.
“The last several years have been great for multifamily,” he told panelists at the recent RealShare Apartments East conference. “It's been so good everybody thinks they can do it. It's making it harder to make the returns we've experienced in the past several years. We'll figure a way to find the areas of the country that make the most sense and still get a good return for our investments.”
Wondering how volatile the multifamily lending market is? Get insights from experts who are in the thick of the fray in my recent article.
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