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
Luis Castillo, Eric Williams, Danny Finkle and 6701 Red Road

Whole Foods-anchored retail in Coral Gables sells for $47M

Whole Foods-anchored retail in Coral Gables sells for $47M
23 Tahiti Beach Island Road and 4965 Southwest 82nd Street

Cuban coffee mogul trades waterfront Tahiti Beach mansion for Ponce-Davis estate

Cuban coffee mogul trades waterfront Tahiti Beach mansion for Ponce-Davis estate
Chandler Joel Reedy, 300 Casuarina Concourse (Credit: Google Maps)

Private equity investor buys Gables Estates waterfront home

Private equity investor buys Gables Estates waterfront home
620 Arvida Parkway, Benjamin Leon Jr. and John H. Ruiz

Gables Estates mansion sells for $49M, marking second biggest home sale ever in Miami-Dade

Gables Estates mansion sells for $49M, marking second biggest home sale ever in Miami-Dade
Rendering of Villa Valencia and Rishi Kapoor

Coral Gables condo developer offers zero-interest down-payment loans

Coral Gables condo developer offers zero-interest down-payment loans
Pharrell Williams (Credit: Craig Barritt/Getty Images)

He must be happy: Pharrell buys $30M Coral Gables home

He must be happy: Pharrell buys $30M Coral Gables home
Rendering of the new store and Publix CEO Todd Jones

Publix pays $23M for site of new Coral Gables store

Publix pays $23M for site of new Coral Gables store
700 Casuarina Concourse, Dennis Carvajal and Ray Rodriguez (Credit: Sotheby's International Realty and Marc Bryan-Brown/WireImage/Getty Images)

Former Univision exec sells Gables Estates home for $30M

Former Univision exec sells Gables Estates home for $30M
arrow_forward_ios

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

Loading...