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.
“The price on this deal underscores the fact that the luxury housing market continues to heat up here in South Florida,” says Mekras, regional managing partner for Franklin Street’s Miami office. “Coral Gables is one of Miami-Dade County’s most mature and exclusive neighborhoods. There is a lot of demand to live here.”
Located at 635 Almeria Avenue, the development is easily accessible to the famed Miracle Mile, Downtown Coral Gables’ bustling nightlife, dining, and world-class shopping. Mekras says prices for the new residences will start at around $1.7 million and offer spacious floor plans, garages, and open courtyards.
“The town homes will be a perfect fit for empty nesters relocating to Florida from across town or from another state or country who want to downsize and free themselves from the maintenance of a house, while maintaining luxury and a great location,” Mekras says. Plans call for the homes to be built next to another small town house community developed by the seller during the last real estate boom. Sales of the units are expected to kick off officially in early 2014.
Mekras says the Almeria property is special in that there is very little land left in Coral Gables for new residential construction. “We’ve seen some new rental product built in Coral Gables since this current boom began, but not much in the way of for sale product,” he says. “With that in mind and the ultra-luxury units at 635 Almeria, this project should do very well.”
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