Alta pays $17M for Coral Gables site to build mixed-use multifamily project

Site was part of $37M Baptist Health purchase last year

Miami /
Dec.December 22, 2020 12:30 PM
Alta Developers’ Raimundo Onetto and a rendering of the project

Alta Developers’ Raimundo Onetto and a rendering of the project

UPDATED JAN. 4, 2021, 1:57 P.M.: Alta Developers paid $17.5 million for 1.5 acres of land in Coral Gables to develop a 215-unit multifamily, mixed-use project.

The Miami-based developer, led by Raimundo Onetto, bought the site at 250 Bird Road and plans to name the development 250 Bird, according to a press release.

The seller was Baptist Health South Florida, which bought the land as part of a $37 million deal last year. Baptist Health and Belmont Village Senior Living plan a luxury senior living facility on their remaining site. Baptist bought the land from a partnership of developers Masoud Shojaee and Ugo Colombo, who had planned 128 condos along with retail space on the site before the partnership ended in litigation.

Manny de Zarraga, Maurice Habif, Simon Banke and Ted Taylor of JLL represented Baptist.

Belmont Village Senior Living Coral Gables, at 4111 Salzedo Street, is expected to open in winter 2022.

Alta plans to build an 11-story building with rental units ranging from studios to two-bedrooms and 30,000 square feet of office space plus ground-level retail on its site.

The site currently houses a vacant three-story office building built in the 1960s, according to records. Alta plans to renovate that building.

The new project is designed by Behar Font & Partners. The office space is expected to open in 2022, and the residential component is expected to open in 2023, according to the release.

Other multifamily developments proposed near Coral Gables include a 20-story building with 254 apartments. AvalonBay Communities and Mast Capital are joint venture partners in the development.






    Related Articles

    arrow_forward_ios
    Jose Mas with 100 Arvida Parkway and Armando Codina with 70 Casuarina Concourse (MasTec, Game Properties, Codina Partners)
    In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
    In Coral Gables, Armando Codina sells teardown and Jose Mas buys dev site
    Jean Francois Roy and renderings of the Fort Lauderdale project (OceanLand)
    Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
    Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
    A rendering of the project and Nicole Kushner Meyer (Kushner)
    All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
    All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
    The Avenue Apartments at 6220 Reese Road in Davie (Photo via Avenue Davie)
    Boardwalk Properties sued for alleged racial discrimination
    Boardwalk Properties sued for alleged racial discrimination
    1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park
    Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
    Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
    Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)
    Investor buys multifamily complex near Miami Shores for $15M
    Investor buys multifamily complex near Miami Shores for $15M
    The six-bedroom Coral Gables house. (Compass / Zignavisual Photography, Del Toro Insurance)
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
    Jorge, Jon Paul and Nick Pérez (Photos by Studio Scrivo)
    Related Group’s condo kings expand their realm
    Related Group’s condo kings expand their realm
    arrow_forward_ios

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

    Loading...