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Cornerstone Will Develop $22M Rental Community

MIAMI-The South Florida-based developer is planning to start construction on the 11 low-rise Alhambra Cove Apartments in March. The 240-unit project should be completed in October.

By Melissa Bogdany | Updated on February 24, 2004

MIAMI-The Cornerstone Group, a national multifamily developer based in Coral Gables, FL, is planning to develop another rental community, this one called Alhambra Cove Apartments. Construction is scheduled to start on the $22-million, 240-unit development in March. The project is being developed at about $91,666 per unit on 14.5 acres at 1600 N.W. 119th St., property Cornerstone purchased here in October.

The project will consist of 11 low-rise buildings with one- to three-bedroom units ranging in size from 759 sf to 1,214 sf. Leon Wolfe, president of Cornerstone Group Development LLC, a division of the Cornerstone Group, says Alhambra Cove will help in the revitalization of that area. “There is a tremendous need for a quality project in a great location,” he says.

Rents will range from $552 to $754 per month. On-site amenities will include a community clubhouse with a swimming pool and a computer room, a park with a children’s playground and a picnic gazebo and fountains at the entry. The apartments will feature washer and dryer hook-ups, dishwashers and private balconies.

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