Mill Creek picks up Coral Gables development site

Land was former home of health center

TRD MIAMI /
Jun.June 24, 2015 01:30 PM

Mill Creek Residential just picked up a $10 million property in Coral Gables for the second phase of an apartment project.

The multi-family builder purchased an assembly of parcels along Bird Road and Peacock Avenue, totaling roughly one acre, according to Miami-Dade County property records.

The site was the former home of the Helen B. Bentley Family Health Center, which sold the parcels in the midst of a $3.3 million mortgage lawsuit in 2013, the South Florida Business Journal reported.

A company titled TREO Douglas Station purchased the property for $5.7 million from the owners of the health center, and had planned to redevelop the site. The company was managed by Rolando Delgado, Eduardo Garcia, Carlos Ortego and Otoniel Boudet-Murias.

Instead, they nearly doubled their money by selling to Mill Creek for $10.1 million a year-and-a-half later.

Across the street, at 3760 Southwest 40th Street, Mill Creek is building the 262-unit Modera Station complex. The group picked up that property in 2013 for $16 million from a company titled Cristal Associates, headed by Ronny Alcalay.

Cristal made a tidy profit off of the assembly, as the company purchased it out of foreclosure for $210,000. Its previous owner, a company headed by developer Harvey Hernandez, lost the property in a suit filed by Bank Leumi USA, according to county records.


Related Articles

arrow_forward_ios
Bahram Akradi and model apartments at the Coral Gables development (Getty, Life Time) 

Life Time launches preleasing of $500M Coral Gables mixed-use multifamily project

Life Time launches preleasing of $500M Coral Gables mixed-use multifamily project
Brian Kingston and Merrick Park

Here’s what tenants are paying at Shops at Merrick Park

Here’s what tenants are paying at Shops at Merrick Park
Pablo Cejas, Bill Kerdyk, and 147 Alhambra Circle

Pablo Cejas adds to downtown Coral Gables assemblage

Pablo Cejas adds to downtown Coral Gables assemblage
24 Tahiti Beach Island Road (Douglas Elliman)

Ambulance and transportation CEO buys Tahiti Beach mansion for $10M

Ambulance and transportation CEO buys Tahiti Beach mansion for $10M
150 Arvida Parkway (Credit: The Jills Zeder Group/photography by Emilio Collavino and Lifestyle Production Group)

Waterfront Gables Estates mansion sells at deep discount

Waterfront Gables Estates mansion sells at deep discount
Manny Machado & 9261 School House Road (Credit: Harry How/Getty Images)

Baseball player Manny Machado buys Coral Gables spec mansion for $7M

Baseball player Manny Machado buys Coral Gables spec mansion for $7M
535 Casuarina Concourse and Howard Wolofsky

Educational software firm founder buys Gables Estates home for $6M

Educational software firm founder buys Gables Estates home for $6M
185 Los Pinos Ct, Coral Gables and Jane Fraser (Realtor, Citibank)

Bad investment? Citibank president sells waterfront Coral Gables home for $5M

Bad investment? Citibank president sells waterfront Coral Gables home for $5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...