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MIAMI—One of the few remaining pieces of prime developable land in Coral Gables has changed hands. And developers have a plan to build luxury townhomes aimed at empty nesters and retirees.

Franklin Street‘s Deme Mekras represented the buyer in an off-market transaction. The buyer is Michael Garcia-Carillo, whose company GC3 Development plans on tearing down an existing older multifamily building to construct five new luxury townhomes. The sales price for the property was $2.075 million, representing $415,000 per lot.

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