NP International pays $60M for Gables Station development site
Site approved in July for resi units, a hotel, retail, parking and open space
October 27, 2016 08:45AMBy Katherine Kallergis
Renderings of Gables Station
Berkowitz Development Group has sold the Gables Station development site to NP International for $60.25 million.
Developer Jeff Berkowitz previously planned to build a big-box retail building on the site 251 South Dixie Highway. Records show Gables Station LLC, an entity controlled by Berkowitz, sold the 4.3-acre site on South Dixie Highway in Coral Gables.
Meanwhile, NP International, led by Brent Reynolds, received approval earlier this year from the Coral Gables City Commission for a transit-oriented mixed-use project on the land that will replace a surface parking lot and small building.
Plans approved in July show Gables Station will be divided into three towers with a total of 526 luxury apartments, 66 hotel/extended-stay units, 75,294 square feet of retail space, and a paseo with green space.
The developer, who’s also building Paseo de la Riviera farther west on U.S. 1, is seeking LEED certification. The projects, both Mediterranean-style, mixed-use, are part of a wave of new developments that add density to Coral Gables.
NP International agreed to provide public benefits that include funding a portion of the Underline linear park, ground level landscaping, funding the purchase of a trolley and operating costs, and incorporating Bahamian building design.
Property records show the three lots last sold for $24.65 million in 2005.
Source: The Real Deal