The Real Deal Miami

Randazzo’s building on Miracle Mile hits the market: $6M

Ferraro also wants to sell his Coral Gables penthouse

August 26, 2016 09:45AM
By Katherine Kallergis

  • Print
375 Miracle Mile, Jim Ferraro and listing broker Thomas Byrne

375 Miracle Mile, Jim Ferraro and listing broker Thomas Byrne

Attorney Jim Ferraro is looking to sell the former Randazzo’s Little Italy building at the entrance to Coral Gables’ Miracle Mile.

Randazzo’s, a once-popular Coral Gables restaurant, quietly closed its doors as early as June, according to published reports. Now, EWM’s Thomas Byrne is listing the corner property for $5.9 million, Byrne told The Real Deal. The asking price breaks down to about $897 per square foot for the 6,574-square-foot building.

The two-story building at 375 Miracle Mile includes 98 feet of frontage on Miracle Mile and offices at 385 Miracle Mile. It was built in 1953, and renovated in 2007 and 2009, according to marketing materials. It was also leased to Century 21 on the ground and second floors totaling 2,657 square feet, but is now vacant.

Ferraro’s Miracle Mile Inc. paid $3 million for the property in 2005, records show. It includes a surface parking lot in the rear.

Byrne said he’s received interest from restaurants to lease the space, including a national tenant, but that the owner wants to sell the property. He called it “an exciting time” for Miracle Mile.

The popular downtown Coral Gables street is undergoing improvements that will widen sidewalks, add trees and new streetlights, and convert angled parking to parallel parking. Contractors are also upgrading the drainage system on Miracle Mile and replacing beige-colored concrete with shell-colored concrete for the four-block stretch of Coral Way between LeJeune and Douglas roads. The streetscape project will also redesign a section of Giralda Avenue to the north to limit its automotive traffic and cater to pedestrians.

The city expects to complete construction by the end of next year, despite a bumpy start and the appointment of a new project manager. While some businesses are reporting less traffic, property values along Miracle Mile have increased.

In June, Gadinsky Real Estate, Gadinsky Real Estate, 13th Floor Investments and Echion USA purchased the Navarro building at 93 Miracle Mile for $7.65 million, a price that breaks down to about $841 per square foot. 

Ferraro, a nationally known mesothelioma attorney, is also listing his nearby Coral Gables penthouse at the Segovia Tower for $10.5 million.