CGI Merchant Group (CGI) recently unveiled the luxury updates made to its 55 Miracle Mile property, alongside community leaders and partners.
The treasured Coral Gables landmark has been undergoing capital improvements — using earmarked funds of up to $1 million — to give it a proper facelift, adding to the functional improvements as well as creating the luxurious feel needed for the high-quality tenants which include popular Tarpon Bend Restaurant, Cibo Wine Bar, HSBC offices and more.
“At CGI, we pride ourselves on transforming assets that drive economic growth and provide tenants with a desirable location. We are proud to showcase the hard work that has gone into the 55 Miracle Mile property, a treasured Coral Gables landmark,” said Raoul Thomas, CEO of CGI Merchant Group. “We thank the City of Coral Gables and surrounding community for their support and look forward to sharing in this exciting new chapter together.”
Through interior, exterior and garage enhancements, including structural upgrades, the property’s overall value has increased by 16 percent since CGI purchased the building in October 2013. The mixed-use property provides 65,000 square feet of office and retail space, with office and retail occupancy projected to reach 100 percent and 90 percent respectively by the end of the first quarter of 2015.
CGI, a private equity asset management firm, advises and manages its investment platform with a diverse array of real estate asset classes, the firm is currently managing more than $400 million worth of assets in the South Florida market. The organization provides strategic and effective financing that increases the value of assets.
Additional properties in their growing portfolio include 1100 Biscayne Boulevard, located across the street from the American Airlines Arena and currently under renovation to become the first U.S. location of popular luxury brand, ME Miami, by Spanish firm, Meliá Hotels International; The Commons Portfolio including three properties in Palm Beach; and USDV Encore Portfolio whereby CGI serves as an investment advisor.
To learn more about CGI, visit www.cgimg.com.