New York-Based Developer Is Targeting South Florida
New York-based real estate lending, advisory and development firm Greystone is placing another bet on South Florida. On Monday Greystone announced it’d purchased an $8.8M, shovel-ready development site at 1501 SW 37th Ave in Miami.
The lot (pictured) is about 34k SF and the plan is to build 91k SF of residential space and 6,500 of retail, MultifamilyBiz reports.
The 14-story building will feature amenities like an outdoor pool and spa, gym, clubroom and business center.
It will include 100 residences with one- and two-bedroom apartments. Greystone plans to wrap up the project, its third in South Florida, in Q1 2018.
Greystone recently developed a 120-unit luxury rental building in Miami called The Mile, which sold to Monogram Residential Trust, a REIT, for $48M last December.
“The Miami real estate market is extremely vibrant… and we are enjoying the exploration, acquisition and development process,” says Jeffrey Simpson, head of Greystone Development. [MFB]