Berkadia announces it has arranged the sale of 1715 Douglas, an 0.87-acre development site in the heart of Downtown Coral Gables, within walking distance to Miracle Mile, six million square feet of office space and two million square feet of retail. Senior Managing Directors Roberto Pesant and Jaret Turkell, Director Yoav Yuhjtman, Associate Director Omar Morales and Associate Jose Mota of Berkadia South Florida marketed the property on behalf of the seller.
BAM Development acquired the development site, which is site plan approved for an 8-story, 120-unit Class A multifamily mid-rise development with 178 proposed parking spaces. Tomas Sulichin of ISG Related represented the buyer.
“1715 Douglas has a strategic location in the thriving South Florida market,” said Pesant. “Coral Gables is experiencing a wave of growth that has easy access to major hubs like Brickell and the Miami Health District. As demand for sophisticated living spaces grows, 1715 Douglas will set a new standard for sophistication in the heart of Coral Gables.”
1715 Douglas will feature one- and two-bedroom units averaging from 578 square feet to 1,024 square feet. The site is expected to complete and obtain master permitting within four months. Ideally located in the heart of Downtown Coral Gables, within walking distance to over 120 restaurants and Merrick Park, the property is less than 30 minutes away from the Miami International Airport, Doral, Wynwood, Coconut Grove and has convenient access to the Douglas Road Metro Rail Station, connecting Coral Gables to Brickell, Downtown Miami, Dadeland and offers an additional 16 million square feet of office space within a 20-minute commute.
