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The Real Deal Miami

Developer buys land from University of Miami

Ram Realty Services plans mixed-use project on 80 acres, lands Wal-Mart as tenant
July 09, 2014 12:00PM

Rendering of Coral Reef Wal-Mart

Rendering of Coral Reef Wal-Mart

Ram Realty Services acquired 80 acres in southern Miami-Dade County from the University of Miami and plans a massive project on the land.

The Palm Beach Gardens-based company picked up the property adjacent to Zoo Miami for an undisclosed price, according to Ram’s written statement released on Tuesday. Ram obtained financing from Wells Fargo for the first phase of the mixed-use project, which is dubbed Coral Reef. The company declined to disclose the loan amount.

University of Miami once planned to build a south campus on the property but opted to sell the land to Ram instead. The first phase of Ram’s development includes 408 luxury garden-style apartments and 250,000 square feet of retail and restaurant space. Wal-Mart is committed to anchor the retail component of the first phase, with Chick-fil-A, Chili’s, LA Fitness and Panera also signed to leases.

“Our residents will be able to shop, choose from among a diverse group of popular restaurants and enjoy recreational opportunities, all with a reduced reliance on the automobile,” Ram vice president Hugo Pacanis said.

First phase construction is expected to begin immediately, with a target completion set for January 2016. The second phase would start in July 2016 and potentially be finished by the end of 2017. — Eric Kalis