The Real Deal Miami

PHOTOS: On the scene at ribbon cutting of 55 Miracle Mile

Property value increased by 16 percent since CGI purchased building in 2013

A private equity asset management firm unveiled $1 million of improvements to its 55 Miracle Mile property at a ribbon-cutting ceremony Wednesday.

City of Miami and Coral Gables officials, along with Miami Heat players Mario Chalmers and Udonis Haslem, attended CGI Merchant Group’s event. Chalmers and Haslem attended the event because of an existing CGI-Miami Heat partnership.

Through structural upgrades and enhancements, the property’s overall value has increased by 16 percent since CGI purchased the building in October 2013, according to a press release. 55 Miracle Mile has 65,000 square feet of office and retail space. Existing tenants include the popular Tarpon Bend restaurant, Cibo wine bar and HSBC. — Katherine Kallergis