Coconut Grove site near Metrorail sells for $6M

Developers will submit plans for mixed-use project to city of Miami in November

Aug.August 06, 2015 04:15 PM

Another property near the planned Underline linear park has sold to a joint partnership of local developers.

ALFA SF Equity and B Developments purchased a 1-acre property at 2900 Southwest 28th Lane near Miami’s Coconut Grove neighborhood. They paid $6.1 million for the site, which will become a mixed-use project with residences and ground floor commercial space.

“Our plan is to create a vibrant, connected oasis that dramatically shortens the time and distance from home to work, study and fun,” RJ de Varona, managing partner of ALFA SF Equity, said in a statement.

Miami-based US 1 Development LLC sold the two parcels. They last sold out of foreclosure in 2010, according to Miami-Dade County property records. Before that, the property traded hands for $3.7 million in 2004.

It’s adjacent to the Coconut Grove Metrorail station, which will be part of the 10-mile long Underline. Also nearby: Grove Place townhomes, at 2701 Southwest 28th Avenue, and the Grove Stations Shops across the street, for which the Comras Company paid $12.1 million in July.

ALFA SF is an affiliate of The Solution Group, a Miami-based investment and development company.  TSG developed Cassa Brickell.

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