Cade Capital acquired a development site in Coral Gables where the firm is planning a multifamily project.
An affiliate of Miami-based Cade Capital bought the 0.8-acre assemblage at 130, 152 and 160 Almeria Avenue that is approved for a 13-story building with 122 apartments, according to Vizzda. The deal also includes a nearby parking lot at 103 Almeria Avenue.
Cade Capital, led by principals John Marquez, Juan Moroso Marquez, Jose Vizcarrondo and Alfredo Vargas, paid $11.5 million for the site, records and Vizzda show.
The seller, a joint venture between Miami-based Ubica and Coral Gables-based Maven Real Estate, acquired the four properties, along with an office building at 2701 Ponce de Leon Boulevard, for a combined $15.7 million in 2019 and 2021. The office building was not part of the sale to Cade Capital.
Cade Capital also entered into an agreement in which Ubica and Maven retain development rights for the office building, records show. The agreement allows Cade Capital to include the office building’s floor area ratio as part of its proposed development.
Last year, while under contract, Cade Capital won approval from the city of Coral Gables Development Review Committee to rezone the parcels at 130, 152 and 160 Almeria Avenue to allow a commercial high-rise. The firm’s proposal is scheduled to go before the city’s planning and zoning board in November.
The proposed apartment building would also have 187 parking spaces, and unit sizes would range from studios to one-, two-, three- and four-bedroom apartments. The project would also have four live/work ground-floor units.
Cade Capital has developed two apartment buildings in Miami, co-developed two office condominiums in Aventura and Hallandale and co-developed an office and retail complex in Miramar, according to the firm’s website.
Last year, Cade Capital’s Vizcarrondo partnered with Rock Soffer of Aventura-based Turnberry Associates, and Guadi Castro of Miami-based Native Construction to buy a 1-acre development site in Miami’s Little River neighborhood. The trio paid $5.8 million for a two property assemblage approved for a building with a maximum height of 12 stories and a maximum 154 units.