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CORAL GABLES, FL-Within weeks, locally based Talisman Cos. willbegin its transformation of Miracle Center at 3301 Coral Way intoMiracle MarketPlace, a 247,000-sf stacked big box retail center.The new owner acquired the property for $15 million in 2005, JamesSchlesinger, Talisman's president and CEO, tells GlobeSt.com. Thecost of redevelopment, he says, is $67 million, including theacquisition. New York City-based Wien & Malkin StrategicCapital IV LP has provided an $11-million mezzanine loan for theproject.

Renovation of the seven-story structure, which contains coveredparking on the top floors, calls for turning five floors ofexisting retail space with 10-foot ceilings into three floors with16-foot ceilings, Schlesinger says, which enables it to accommodatebig box retail. The facade is also being redone, and a ramp isbeing torn out to make way for a double helix to accommodate betterparking access. The project is scheduled for completion in June2007.