A New York company about to break ground on a Coral Gables multifamily project has bought land for its next big venture, snapping up a 1.04-acre assemblage in Miami’s Edgewater neighborhood for $10 million.
A company linked to New York-based Greystone & Co. Inc., which finances and develops ventures across the country, paid $221 per square foot for the eight contiguous lots west of Biscayne Boulevard between Northeast 25th and 26th streets.
A Greystone spokeswoman said the company plans to develop the property with the same partners on the Coral Gables project but did not provide specific details on what would be built on the newly acquired site. The purchases closed Friday.
In Coral Gables, Greystone is partnering with Miami-based Alta Developers LLC and Strategic Properties Associates Group LLC to build a 119-unit, mixed-use project at 3622 Coral Way. That development was picked up for a similar proposal that was sidelined by the recession. That project breaks grounds Monday.
Greystone’s Edgewater project would be their second recent venture in South Florida. The company also completed a health-care project, the Club Health and Rehabilitation Center at The Villages.
Alta and Strategic Properties, Greystone’s partners, are managed by long-time South Florida real estate players Raimundo Onetto, Henry Pino and Patricio Ureta. Most recently, they worked together to propose Le Parc at Brickell, a sleek, 12-story tower in Miami’s financial district unveiled in May.