Century Homebuilders Group and a Colombia-based real estate fund, Pactia USA, are teaming up to build an apartment complex near the Shops at Merrick Park in Coral Gables.
Property records show the partnership bought two vacant parcels of land on the southeast corner of Bird Road and Southwest 42nd Avenue for $6.3 million. Century Laguna, an affiliate of Century Homebuilders, was the seller. Century Homebuilders assembled the parcels between 2005 and 2006, records show.
With Pactia USA co-investing in the project, the joint venture can move ahead with plans to build a 118-unit rental project featuring 10,000 square feet of commercial space, Pino said.
Century Homebuilders established a working relationship with the fund about two years ago to develop properties in United States. This will be the partnership’s third development, Pino said. Pactia USA is a joint venture between partnering infrastructure firms ConCreto and Grupo Argos.
A number of developers have been building projects around the popular Coral Gables shopping destination.
The proposed development is adjacent to the Astor Companies’ Merrick Manor, a 10-story condo development. Across the street from the Shops of Merrick Park, BF Group is planning a mixed-use office building at 4311 Ponce de Leon Boulevard.