Gables Residential sells dev site near Shops at Merrick Park

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

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.

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