Coconut Grove site near Metrorail sells for $6M

Miami /
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.


Related Articles

arrow_forward_ios
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Asia PH on Brickell Key (Fortune International Realty, Illustration by Priyanka Modi for The Real Deal with Getty)
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
From left: Lalo Durazo, Ricardo Dunin, Peacock Garden cafe, Gregory Galy and Mark Scheinberg (Getty, Peacock Garden)
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Oceana Bal Harbour
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
South Florida by the numbers: Local mega listings and sales
South Florida by the numbers: Local mega listings and sales
MG Developer's Alirio Torrealba and rendering of Merrick Parc (MG Developer)
MG plans $204M luxury apartment project near Coconut Grove
MG plans $204M luxury apartment project near Coconut Grove
The development site with Peter Gardner and Abbhi Capital's Sankesh Abbhi (Google Maps, Longpoint, Abbhi Capital)
Abbhi Capital, Peter Gardner pay $19M for Coconut Grove apartments dev site
Abbhi Capital, Peter Gardner pay $19M for Coconut Grove apartments dev site
MG Developer CEO Arilio Torrealba and the property at 3898 Shipping Avenue in Coconut Grove (Google Maps, iStock, MG Developer Miami)
MG buys redevelopment site near Coconut Grove for $20M
MG buys redevelopment site near Coconut Grove for $20M
arrow_forward_ios

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

Loading...