Greystone is set to test the waters in Miami with its first multifamily project in the city. The financial services and private investment group has acquired a development site in Miracle Mile, one of the most sought after areas of the city. Greystone is part of a joint venture that also includes local company Alta Developers and Strategic Properties. The three firms will now begin development on a new high-rise residential project, The overall value of which stands 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 the “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 features. 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 New York City including the West Village, Williamsburg and DUMBO.