The Real Deal Miami

Developer buys Coral Gables project site for $27M

Company wants to build residences, retail near Collection dealership

December 12, 2013 02:15PM

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The Collection in Coral Gables

The Collection in Coral Gables

The developer proposing a luxury residential project across from auto dealership The Collection in Coral Gables has acquired the development site for $27 million, The Real Deal has learned.

Coral Gables Luxury Holdings, a company managed by Shoma Group CEO Masoud Shojaee, closed on the purchase of the 2.8-acre site on Dec. 5, according to Miami-Dade County records. The county recorded the transaction on Monday.

Yeung Property is the seller of the 4101 Salzedo Street and 4112 Aurora Street properties. The site currently includes two office buildings, a small amount of warehouse space and parking lots.

Florida Community Bank provided Shojaee’s company with a $16.2 million loan for the acquisition.

Coral Gables Luxury has filed development plans with the city for The Collection Residences. It hopes to build 270 high-end residences and about 40,000 square feet of ground-floor retail space. The project would cost about $84 million to build.

Arquitectonica has been hired to design the mixed-use development.

Broker Paul Lepine, CCIM represented both sides in the transaction.

The Collection dealership is known for its variety of Aston Martins, Ferraris, Maseratis and other high-end cars. — Eric Kalis