Another Related Group apartment development could rise at the intersection of Coral Way and South Miami Avenue, as the company recently closed on the $18.5 million purchase of a 1.29-acre mixed-use development site. The site is approved for the development of a 556-unit residential tower plus 15,049 square feet of retail space and 38,357 square feet of office space.
Located at SW 13th Street, the 1300 South Miami Avenue development site is close to the Mary Brickell Village and Brickell Citi Centre projects, as well as Interstate 95 in the Brickell financial district.
Seller South Miami Ave. LLC, an investment group led by Miami-based Alex Vadia, was represented in the transaction by Holliday Fenoglio-Fowler’s executive managing director Manny de Zárraga and Director Jaret Turkell. The privately-held Related Group has built and managed more than 80,000 condominium and apartment residences in major markets throughout Florida since its inception in 1979.
The developer has many other South Florida multifamily developments currently underway, among which are high-profile projects such as MyBrickell, the 28-story upscale condo development in Brickell; the One Ocean condo project, set in the red-hot South of Fifth neighborhood of South Beach; and Italian luxury condo, 1100 Millecento Residences. The Related Group has not yet given any details concerning upcoming development on the 1.29-acre site.
According to a recent Marcus & Millichap report focused on the Miami apartment market, approximately 600 units are under way and on course for delivery in 2013. The pipeline of planned rental projects has swelled from about 4,000 units earlier this year to 6,100 apartments at the end of the third quarter. In addition, about 6,500 condominiums are planned in the county.
Chart courtesy of Marcus & Millichap