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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.
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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.
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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]
