Greystone, a real estate investment and development firm, has closed on the acquisition of a 45,365 square foot (1.04 acre) parcel of land in the Edgewater district of Miami, Florida.
The project, a joint venture with Miami-based Alta Developers and Strategic Properties, represents the second Miami-based project for the group of development companies.
The planned 156-unit mixed-use high-rise property is located near Biscayne Bay, and has 20,000 square feet of street-level retail. Once fully developed, the property will have a projected value in excess of over USD60 million.
“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.”
“We are thrilled to expand our relationship with Greystone to meet the growing demand for more luxury rentals in Miami,” says Henry Pino of Strategic Properties.
The Edgewater multifamily development site is located at 2500 Biscayne Boulevard, with construction planned to begin in December 2014. The property will feature a swimming pool, secure garage parking, fitness centre, concierge and other luxury amenities. Architectural firm Behar Font & Partners, based in Coral Gables, has been retained for the project.