A four-acre site in downtown Doral has been acquired by a developer, who plans to build a multi-family complex, according to an article on Yahoo! News.
Greystar, a real estate investment and development company based in Charleston, South Carolina, purchased the parcel from Codina Partners, the master developer for Doral Downtown, for $19.25m. The property is along 87th Avenue and 41st Street.
MSA Architects are designing Greystar's planned project, which will offer 385 luxurious housing units in a building that varies between six and eight stories in height. Amenities planned for the development include a yoga deck, several courtyards, a park, two swimming pools, a fitness center, a club lounge, and a rooftop lounge.
As reported in The Real Deal, Greystar is expected to spend $79m on the project, using funds from a loan it recently secured from Northwestern Mutual Life Insurance. Developers on projects like this can use brochure printing to create materials for prospective tenants.
Codina Partner's CEO, Ana-Marie Codina Barlick, described Greystar as a “world-class institution” and said she was happy it was going to develop a second property in Doral Downtown. Greystar already manages 5250 Park, which is a multifamily tower.
The Doral Downtown development on which the new tower will be built comprises 250 acres, and is a mixed-use project that has about 70 restaurants and shops, as well as nearly one million square feet of space for offices. Residential units, a planned school, and green spaces also make up part of the site.
