Toronto firm invests $32M in downtown Miami development

Greybrook Realty Partners Inc. invested about $32 million to fund the acquisition and development of a site in downtown Miami where the company plans to build a residential project together with its partner Property Markets Group.

Toronto-based Greybrook closed of an initial equity investment of CDN$40.48 million, or $32.3 million, in a project with PMG to build more than 690 residential units and 20,000 square feet of commercial space at 400 Biscayne Boulevard.

In a prepared statement, Greybrook CEO Peter Politis said the development at 400 Biscayne Boulevard will be “well-suited to millennials and students of nearby Miami-Dade College.”

Greybrook and PMG currently are developing a condominium building on a nearby site at 300 Biscayne Boulevard, where a construction crane snapped in half when Hurricane Irma hit Miami on Sept. 10.

The development at 400 Biscayne Avenue will feature keyless entry and other smart-home technology, a co-working space with an integrated library and business center, restaurants and retail shops, Wi-Fi access throughout the building, an a fitness center with a swimming pool, spa and yoga studio. In July, sources told The Real Deal that PMG was under contract to purchase 400 Biscayne Boulevard for $53.6 million. – Mike Seemuth

An earlier version of this story incorrectly identified Peter Politis as CEO of Greystar. He heads Greybrook.