Greystone Lines Up Its First Multifamily Project in Miami Market, Near Miracle Mile
- Dec 28, 2013
A new company is set to try the water in Miami as Greystone has lined up its first multifamily project for the area’s market. The financial services and private investment group has acquired a development site in one of the most sought after areas of Miami, Miracle Mile. Greystone is part of a joint venture that also includes local company Alta Developers and Strategic Properties. The three companies will now begin development on a new high-rise residential project. According to a recently released press statement, the overall value of the project would stand at around $40 million.
The project, set to be named The Mile, will be a 13-story tall, mixed-use property that will take shape at 3622 S.W. Coral Way, within earshot of the popular Miracle Mile retail district, in Downtown Coral Gables. When completed, the building will offer 119 residential units, as well as street level retail. The building’s design will be provided by local architecture firm, Behar Font & Partners.
According to the CEO of Greystone Property Development, Jeff Simpson, it is the company’s belief that “Coral Gables market is extremely promising for multifamily real estate development, considering the increasing demand for housing within walking distance of the area’s shopping, restaurants and cultural activities.”
The Mile’s amenity package will offer future residents a health club, swimming pool, secure garage parking, concierge service, as well as a host of other luxury amenities. Greystone has ramped up its activity recently and aside from this newly-announced residential project in Miami, it also has a development pipeline for increasingly popular neighborhoods in NYC including West Village, Williamsburg and DUMBO.