Armando Codina sells lot to city of Coral Gables for $11.5M in a land swap

Codina will acquire a city building, demolish it and build a new mixed-use development

TRD MIAMI /
Jun.June 09, 2017 02:15 PM

UPDATED June 9, 5:30 p.m.: Armando Codina just sold the city of Coral Gables a vacant lot for $11.5 million as part of a land swap in which Codina Partners will acquire the city’s current public safety administration building and build a new mixed-use development.

The 35,000-square-foot lot fronts Minorca Avenue and is between Salzedo Street and Ponce de Leon Boulevard. The sale breaks down to $328 per square foot.

Property records show the land was sold by C LeJeune LLC, an affiliate of Coral Gables-based Codina Partners, led by Executive Chairman Codina.

In 2012, Codina took over the loan for the site from Mercantil Commercebank for $4.5 million after Century Lancaster Plaza, its previous owners, foreclosed on the property.

Codina told The Real Deal in a statement that Codina Partners was using the site as construction staging for its 2020 Salzedo mixed-use development in downtown Coral Gables, and it was not for sale. 

“We had begun the construction permitting process for the site when the city of Coral Gables approached us with the desire to acquire it to build their public safety administration building,” he said. The city owns the adjacent parking lots, and the deal allows it to have a large enough site to develop a new public safety administration building. “This was a cashless transaction; we agreed on a land swap valuing and appraising both sites at the same price per foot, and Codina Partners will be paying the city of Coral Gables the difference in footage when the property is vacated,” he said in the statement.

Codina Partners plans to demolish the existing Coral Gables public safety administration building at 2801 Salzedo Street immediately after it is vacated and will then start construction on its mixed-use development, he said.

Among Codina’s projects is Downtown Doral, a master-planned community which will include eight to nine mid-rise condo towers, more than 1 million square feet of office space, a K-5 charter school, and 70 retail stores and restaurants.

Last month, Codina and Jim Carr’s CC Homes closed on $56 million in financing for its Canarias in Downtown Doral project. The site will have 343 houses and 52 town homes starting in the $600,000s.


Related Articles

arrow_forward_ios
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
115 Arvida Parkway in Gables Estates, Irene Sáez (Credit: Gianni Ferrari/Cover/Getty Images and Douglas Elliman)

Ex-Venezuelan politician who won Miss Universe sells Gables Estates mansion

Ex-Venezuelan politician who won Miss Universe sells Gables Estates mansion
6312 Riviera Drive and Jeff Conry (Realtor)

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M
5350 Park with Armando Codina and Ana-Marie Codina

Codina Partners affiliate allegedly owes $3.6M for Downtown Doral condo construction: lawsuit

Codina Partners affiliate allegedly owes $3.6M for Downtown Doral condo construction: lawsuit
340 Leucadendra Drive and Mocca's Alex Pirez (inset)

Mocca Construction pays $12M for half-built Gables Estates spec mansion

Mocca Construction pays $12M for half-built Gables Estates spec mansion
90 Leucadendra Drive with Lee Scott Millstein and Sylvie Millstein (David Hernandez - REWS, Getty)

Private equity exec, fashion designer pay $22M for Gables Estates mansion

Private equity exec, fashion designer pay $22M for Gables Estates mansion
From left: Brian Kingston, Irving Padron and Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park
Samark Jose Lopez Bello, 325 Leucadendra Drive (Credit: Google Maps)

Seized home of alleged frontman for drug launderer sells for $12M

Seized home of alleged frontman for drug launderer sells for $12M
arrow_forward_ios

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

Loading...