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Miami Firm Forms JV with Spanish Developer

CORAL GABLES, FL-The partnership, which has plans for 1,000 multifamily units in South Florida, acquired its first property--a rental apartment building here that will be demolished to make room for a condominium project.

By Melissa Bogdany | Updated on January 26, 2004

CORAL GABLES, FL-Alliance Cos. Inc., a Miami-based development and brokerage firm, formed a joint venture with Lanzamar, a Spanish multifamily developer with the goal of building 1,000 units in various South Florida cities. In its first deal, the joint venture acquired a rental apartment building at 40 Calabria Ave. for $1.6 million.

The eight-unit apartment building will be demolished to make room for a new, five-story condominium project called La Torre del Valle. The project will have 14 units ranging from 1,192 sf to 1,649 sf at pre-construction prices ranging between $329,000 and $499,000.

Alliance Development will oversee the development of the project, which will be built in the Coral Gables Mediterranean-style. La Torre del Valle was designed by Marshall Bellin and Associates.

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