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Constellation Group, a leading Miami-based real estate investment and development firm, has announces the acquisition of a nearly 28,000-square-foot development site fronting South Dixie Highway (US1) in Miami’s Coconut Grove neighborhood.
The lot, located at 3000 SW 28 St. in Miami, currently is occupied by Farrey’s Lighting & Bath, a 100-year-old family-run business. Constellation purchased the site for $12 million from owner John Farrey. The closing took place on Oct. 1.
Constellation Group, which is evaluating the highest and best use for the property with a focus on long-term value creation, will disclose plans for the site at a future date.
“This site represents a unique, long-term investment opportunity in one of Miami’s oldest, most dynamic commercial corridors,” said Eduardo Otaola, managing principal at Constellation Group. “This acquisition underscores our bullish perspective on both Coconut Grove and the role of transit-oriented development in Miami’s future.”
The 27,973-square-foot lot is located on the southbound side of US1, just steps from the Grove Central mixed-use center and the Coconut Grove Metrorail station.
Farrey’s Lighting & Bath will continue operating at the property for up to 120 days under the terms of the agreement, allowing the company to manage the next phase of its transition.
The Coral Gables-based developer and its joint venture partner The Boschetti Group are currently building two boutique condo projects in Miami – Ella Miami Beach in the North Beach neighborhood, and Cora Merrick Park in the high-barrier-to-entry Coral Gables neighborhood – as well as an ultra-luxury boutique office project called 4225 Ponce, across from Shops at Merrick Park, that will complete later this year.
Visit groupconstellation.com for more information.
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