The Real Deal Miami

Codina gets Gables site in deed-in-lieu

April 26, 2012 12:45PM

A rendering of Lancaster Plaza

A 0.8-acre lot at 250 Minorca Avenue in Coral Gables has been exchanged by developer Sergio Pino and partner Juan Carlos Mendez to release a $4.39 million mortgage on the property, the South Florida Business Journal reported. Pino and Mendez had previously planned to develop an 11-story commercial project on the site. Pino and Mendez’ company, Century Lancaster Plaza, transferred the lot to a company controlled by developer Armando Codina, which purchased the mortgage on the site from Mercantil Commercebank in March. The planned project was called Lancaster Plaza. [SFBJ]