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South Florida

Mill Creek picks up Coral Gables development site

A rendering of Modera Station, a development across the street from the Mills Creek project.
A rendering of Modera Station, a development across the street from the Mills Creek project.

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.

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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.

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Coral GablesMill Creek