Gables Residential sells dev site near Shops at Merrick Park

Buyer is considering building hotel, medical or office on the land

Miami /
Nov.November 19, 2019 12:30 PM
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

A national apartment builder sold a development site near the Shops at Merrick Park in Coral Gables to BF Group, a local developer. Development options for the property include a hotel and office building.

Atlanta-based Gables Residential sold the 18,748-square-foot assemblage at 4521 and 4601 Le Jeune Road to BF Group, led by Jose and Luis Boschetti. BF Group paid for $4.17 million for the property.

Maurice Boschetti of BH Realty represented the buyer in the off-market deal.

Jose Boschetti said BF Group will make a decision on what it plans to build on the site within three months. It’s considering building a 130-room limited service hotel, a medical or office building, and a boutique assisted living facility focused on memory care.

Across the street, Gables Residential built Gables Ponce, a 367-unit luxury apartment complex with retail on Ponce de Leon Boulevard and Le Jeune Road.

Property records show LG Ponce III, an affiliate of Gables Residential, acquired the lot it just sold as part of a larger deal that included adjacent land on Granello Avenue. In 2016, the Coral Gables City Commission approved Gables Ponce III, a nine-story, 190-unit residential building with retail space, at 363 Granello Avenue.

Jose Boschetti said BF Group had been chasing the lot for seven years. His company also owns the land at 4200 Laguna Street and 4311 and 4225 Ponce de Leon Boulevard.

Last year, Gables Residential completed Gables Columbus Center at 60 Minorca Avenue in downtown Coral Gables.

North of Merrick Park, Hersha Hospitality has proposed building a 135-room hotel at 4241 Aurora Street. GGP, which owns the high-end mall, sold the vacant site in late 2016 for about $3 million.


Related Articles

arrow_forward_ios
Location Ventures founder and CEO Rishi Kapoor along with a rendering of the planned 16-story condominium at 1505 Ponce De Leon Boulevard in Coral Gables (Location Ventures, Hamed Rodriguez Architect)
Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract
Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
The Minorca condominium at 2030 Douglas Road in Coral Gables (iStock, CBRE, Illustration by Kevin Rebong for The Real Deal)
Ex-Venezuelan official tied to $1B fraud gets 4+ years, must forfeit Coral Gables condo
Ex-Venezuelan official tied to $1B fraud gets 4+ years, must forfeit Coral Gables condo
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
MG Developer's Alirio Torrealba and rendering of Merrick Parc (MG Developer)
MG plans $204M luxury apartment project near Coconut Grove
MG plans $204M luxury apartment project near Coconut Grove
Shoma's Masoud Shojaee and Stephanie Shojaee with 3650 Bird Road (Shoma Group, Google Maps)
Shoma pays $34M for Miami apartment towers dev site
Shoma pays $34M for Miami apartment towers dev site
University of Miami’s Mario Cristobal with 8230 Southwest 53rd Avenue (Getty, Zillow, Illustration by Shea Monahan for the Real Deal)
Touchdown: University of Miami coach buys flipped mansion near Coral Gables
Touchdown: University of Miami coach buys flipped mansion near Coral Gables
Jennifer Goldstein and Cristy Rice with 4835 Southwest 82nd Street (The Alexander Team, Getty, Google Maps)
Former Real Housewife Cristy Rice sells Miami home to Elliman agent
Former Real Housewife Cristy Rice sells Miami home to Elliman agent
arrow_forward_ios

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

Loading...