Alta pays $17M for Coral Gables site to build mixed-use multifamily project
Site was part of $37M Baptist Health purchase last year
Alta Developers paid $17.5 million for 1.5 acres of land in Coral Gables to develop a 215- unit multifamily, mixed-use project.
The Miami-based developer, led by Raimundo Onetto, bought the site at 250 Bird Road and plans to name the development 250 Bird, according to a press release.
The seller was Baptist Health South Florida, which bought the land as part of a $37 million deal last year. Baptist Health and Belmont Village Senior Living plan a luxury senior living facility on their remaining site. Baptist bought the land from a partnership of developers Masoud Shojaee and Ugo Colombo, who had planned 128 condos along with retail space on the site before the partnership ended in litigation.
Belmont Village Senior Living Coral Gables, at 4111 Salzedo Street, is expected to open in winter 2022.
Alta plans to build an 11-story building with rental units ranging from studios to two bedrooms and 30,000 square feet of office space plus ground-level retail on its site.
The site currently houses a vacant three-story office building built in the 1960s, according to records. Alta plans to renovate that building.
The new project is designed by Behar Font & Partners. The office space is expected to open in 2022, and the residential component is expected to open in 2023, according to the release.
Other multifamily developments proposed near Coral Gables include a 20-story building with 254 apartments. AvalonBay Communities and Mast Capital are joint venture partners in the development.