The Real Deal Miami

Coconut Grove site near Metrorail sells for $6M

Developers will submit plans for mixed-use project to city of Miami in November
2900 Southwest 28th Lane in Miami

2900 Southwest 28th Lane in Miami

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.