Terra and AvalonBay Communities just paid $33.5 million for a development site in Doral.
The developers acquired the Atrium Office Park and adjacent restaurant at 3900 Northwest 79th Avenue in Doral, across the street from CityPlace Doral.
Avalon Doral LLC paid $20 million for 4.6 acres of the site and Doral Atrium Retail Investments paid $13.5 million for the remaining 5.2 acres, property records show.
An LLC owned by Armando Guerra sold the 9.8-acre site.
Trammell Crow Residential will build Alexan Doral, a 350-unit luxury apartment building on the site for AvalonBay, according to Saul Perez, who represents Trammell Crow in South Florida. The project will include 40,000 square feet of amenities, including a gym, bike path, parks, a pool deck and lounge.
Terra, led by David Martin, plans to build about 80,000 square feet of Class A retail space on the property. Construction is expected to start this summer with a date to turn over to tenants of 2020, according to a statement from the developer.
Perez represented the buyers in the land sale. The properties last sold for $9.8 million in 2000 and $1.9 million in 2001, according to property records.
Terra also closed on a $45.3 million mortgage from Doral Blvd Finance & Investment LLC for the property.
Earlier this year, Terra filed plans for Doral Square, a 145,000-square-foot retail center at the southeast corner of Northwest 36th Street and Northwest 87th Avenue. The developer paid $12.5 million for the 2.9-acre site, also an office building, in September.
The Related Group, Shoma and PGIM opened the nearby CityPlace Doral at 8300 Northwest 36th Street about a year ago. The $800 million, 55-acre development features more than 1,000 residential units and about 40 restaurants and retailers.
Source: The Real Deal