A rental and retail tower along Coral Way near the Gables has just topped off.
The Mile is a planned 13-story building with 120 apartments and ground-floor retail space. It is being developed by Greystone, based in New York, and Alta Developers, based in Miami.
The two companies paid $7.1 million for the project site at 3622 Southwest Coral Way in 2013. That includes an 0.4-acre lot along Coral Way, where the tower sits, and three 7,000-square-foot parking parcels that face Southwest 22nd Terrace.
Construction began last year after the developers took out $24.5 million in financing from Grandbridge Real Estate Capital. The project is expected to finish by the end of 2015, according to a news release. It was designed by architectural firm Behar Font & Partners, and will include a pool, parking garage, fitness center and concierge when completed.
“The Mile marks a milestone for our firm,” Alta Developers co-founder Henry Pino said in a statement. “It’s one of our first projects for the current cycle. We are very excited about the market comeback and will be announcing more new projects in the coming months.”
A block away, the famed Miracle Mile is undergoing a massive transformation. Design firm Cooper, Robertson & Partners have drawn up plans that include wider sidewalks, angled parking and green plazas — all aimed at encouraging pedestrians to stop in the area’s plethora of restaurants and shops. — Sean Stewart-Muniz