NP International pays $60M for Gables Station development site

Renderings of Gables Station
Renderings of Gables Station

Updated, 2:45 p.m., Nov. 1: Berkowitz Development Group has sold the Gables Station development site to NP International for $60.25 million.

Developer Jeff Berkowitz previously planned to build a big-box retail building on the site 251 South Dixie Highway. Records show Gables Station LLC, an entity controlled by Berkowitz, sold the 4.3-acre site on South Dixie Highway in Coral Gables.

Meanwhile, NP International, led by Brent Reynolds, received approval earlier this year from the Coral Gables City Commission for a transit-oriented mixed-use project on the land that will replace  a surface parking lot and small building.

Plans approved in July show Gables Station will be divided into three towers with a total of 526 luxury apartments, 66 hotel/extended-stay units, 75,294 square feet of retail space, and a paseo with green space.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The developer, who’s also building Paseo de la Riviera farther west on U.S. 1, is seeking LEED certification. The projects, both Mediterranean-style, mixed-use, are part of a wave of new developments that add density to Coral Gables.

NP International agreed to provide public benefits that include funding a portion of the Underline linear park, ground level landscaping, funding the purchase of a trolley and operating costs, and incorporating Bahamian building design.

Property records show the three lots last sold for $24.65 million in 2005.

Aztec Group’s Howard Taft, senior managing director, director Charles Penan and vice president Jason Katz represented Berkowitz in this most recent sale.