Greystone Sells Stake in FL Community
- Mar 21, 2018
Greystone has completed the ground-up construction of 2500 Biscayne Boulevard in Edgewater, Fla. The company sold both residential and retail components of the 19-story, mixed-use property. Its co-developer Alta acquired the remaining residential stake of the 156-unit community. Investment partner Infinity Real Estate acquired the full retail portion. That component encompasses 11,500 square feet, which is currently leased to and occupied by Mount Sinai Medical Center, Mercantil Bank and Rice Mediterranean Kitchen.
“While developing The Mile in Coral Gables, Greystone was seeking new opportunities in the Miami market,” Thomas Ryan, head of Greystone Development, told MHN.
“The Edgewater district is a dynamic, hip area seeing an upswing, with a great location near Biscayne Bay and growing demand for rental units.”
Greystone’s model enables the company to launch a project from scratch and see it through to completion, Ryan said. “There’s no greater satisfaction than that,” he added. “We have truly enjoyed working alongside Alta and Infinity to see 2500 Biscayne come to life, and we are thrilled with the outcome. As we exit our position we look forward to our next development challenge, whether it is in Miami, or beyond.”
Local partner needed
“While we were sizing up the project, we saw that it was beneficial to have a local partner on site with experience developing in the Miami market, and also partners that specialize in various types of asset classes for the best end result,” Ryan continued. “We worked well together as a team, and we are thrilled with the outcome.”
Added Infinity partner David Berg, “Over 7,000 units have come into the market since 2014, with nearly 2,000 more units in the pipeline.
“Edgewater is one of Miami’s most exciting high-growth submarkets. And we are delighted to be serving the neighborhood with convenience retail, making this community more pedestrian-friendly and enjoyable to live in.”
Since 2014, Infinity has invested more than $165 million in Miami real estate. The company’s holdings are diversified across the Edgewater, Wynwood and South Beach enclaves. Development of 2500 Biscayne follows on the heels of the 2016 completion and sale of The Mile at Coral Gables. That makes this the second successful collaborative pairing of Greystone and Alta.