Greystone has bought a site ready tact of land in Miami for $8.8 million. Located at 1501 SW 37th Avenue, the property rests on a 34,000 sq ft lot. The acquisition has been pre-approved for a mixed use scheme that will feature 100 residential units totaling 91,000 square feet and 6,500 square feet of ground-floor retail space. Designed by Borges and Associates, the 14 story project will feature an outdoor pool and spa, club room, business center and a fully equipped, 24-hour fitness center. The build out is expected to be completed by the first quarter of 2018. The purchase marks the company’s third development in Miami.
“The Miami real estate market is extremely vibrant – much like New York, but unique in its own way – and we are enjoying the exploration, acquisition and development process as an extension of our development roots in the North,” said Jeffrey Simpson, head of Greystone Development.
