Franklin Street Real Estate Services, a full-service commercial real estate firm with offices in Tampa, Atlanta, Jacksonville and Miami, brokered the sale of one of the few remaining pieces of prime developable land in Coral Gables.
Franklin Street’s Deme Mekras represented the buyer, developer Michael Garcia-Carillo, whose company GC3 Development plans on tearing down an existing older apartment 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,” said 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.”
The homes will be built adjacent to another small townhouse community developed by the seller during the last real estate boom. Mekras said prices for the new residences will start at around $1.7 million. They will offer spacious floor plans, garages and open courtyards.
“The townhomes 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.”
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. Sales of the units are expected to begin officially in early 2014.
Mekras noted that 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,” Mekras said. “With that in mind and the ultra-luxury units at 635 Almeria, this project should do very well.”
While Mekras represented the buyer, the deal itself was an off market transaction.
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