The Real Deal Miami

CC Residential buys 15-acre development site in West Kendall: $6M

Developer set to break ground on multifamily project in August

July 15, 2016 10:00AM
By Katherine Kallergis

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Signature at Kendall, which CC Residential completed

Signature at Kendall, which CC Residential completed

CC Residential, a Codina-Carr company, closed on a 14.6-acre development site in West Kendall.

An affiliate of Brown Development Group, led by David and Victor Brown, sold the vacant land for $5.75 million, records show. The development site, on Kendall Drive and Southwest 172nd Avenue, is across the street from Signature at Kendall, also a CC Residential project.

County records show the buyer and seller filed development plans for the project in December, which include four-story buildings with a total of 150 units. MSA Architects designed the plans.

CC Kendall II financed the deal with a $23.4 million mortgage from PNC Bank.

Kendall Investors 172 LLC, bought the land, with surrounding acreage and phase one of CC’s project, in 2009 for $15 million. That deal included six parcels in West Kendall.

CC Residential is led by developers Armando Codina, Jim Carr, K. Lawrence Gragg and Andy Burnham. The multifamily focused company is also currently working on 2020 Salzedo in Coral Gables and the Residences at Broken Sound. The developer is set to break ground on the Signature at Kendall II in August, according to the developer’s website.