The Real Deal Miami

Greystone tops off apartment tower near Coral Gables

Greystone bought the development site last year for $8.8M, or $254 psf
January 23, 2017 12:45PM

Aerial view of the Aura apartment building. Inset: Greystone Development CEO Jeffrey Simpson

Greystone Development has topped off a 14-story, mixed-use apartment tower just east of Coral Gables. 

The Aura, a 96,550-square-foot, 100-unit building, includes 6,400 square feet of retail on the ground floor. Greystone hired CBRE’s the Diaz Team to lease the retail space, according to a press release.

The project, at 1501 Southwest 37th Avenue, is on the border of Coral Gables and the city of Miami. The building was designed by Borges + Associates Architects and will feature a swimming pool, spa and sun terrace, gym, lounge and garage. One- and two-bedroom apartments will each have balconies.

Greystone bought the 34,690-square-foot development site in March of last year for $8.8 million, or $254 per square foot. It’s sandwiched between Miracle Mile/Coral Way and Southwest Eighth Street in Little Havana. The retail space also has 150 feet feet of frontage along Douglas Road.

It’s set to open by first quarter of 2018, a spokesperson said.

The New York-based residential developer has built more than 830,000 square feet in Miami-Dade, including projects in Miami and Coral Gables, Greystone’s Jeffrey Simpson said in the release. The firm is also developing 2500 Biscayne Boulevard, a 20-story luxury apartment building near Edgewater and downtown Miami. – Katherine Kallergis