Greystone Property Development is making an initial foray into the Miami multifamily market with a planned project near Miracle Mile in Coral Gables.
The New York-based firm has acquired the development site at 3622 Coral Way and hopes to begin construction on The Mile in the first quarter of 2014, Globe St. reported. The Mile is a planned 13-story, 119-unit apartment building with ground-floor retail space. The building’s projected value upon completion exceeds $40 million.
Greystone has formed a joint venture with Miami-based Alta Developers and Strategic Properties for the development. Coral Gables-based architecture firm Behar Font & Partners has been retained to design the building. [Globe St.] — Eric Kalis