NP International has scooped up a development site in Coral Gables from the Berkowitz Development Group for $60.25 million. The 4.3 acre site at 251 South Dixie Highway, has recently been approved for a transit oriented mixed use project, Gables Station, that currently houses a surface parking lot and a small building. The plans call for three towers with a total of 526 luxury apartments, 66 hotel/extended-stay units, and 75,294 sqf of retail space. NP International agreed to provide a public benefits package that includes funding a portion of the Underline linear park, ground level landscaping, funding the purchase of a trolley and operating costs, and incorporating Bahamian building design. The seller, Berkowitz Development, had planed a big box scheme on the property, which they picked up in 2005 for $24.65 million.
