"We expected there to be a lot of people at the auction, but we were the only bidders," says Bruce Gray, principal of Gray Development. "We were prepared to pay up to $27 million." The acreage is located near Mayo Boulevard and 68th Street. The partnership was represented by Michael Lieb of the locally based Michael A. Lieb Ltd.
Gray tells GlobeSt.com that his team will build out two-thirds of the site with 600 apartments in four complexes and Monterey Homes will put 200 condos on the balance. Gray Development's portion alone will cost about $70 million to develop, Gray says, explaining the partnership extends only to the land acquisition.
Gray Development plans to break ground on the first complex this year so units can be ready to occupy in 2006. The developer's in-house architectural team is laying out the project with studios, one-, two-, three- and four-bedroom units. Gray, who also has an in-house general contracting division, says his share of the land will be built out by 2008.
Monterey Home's plan is to build condos ranging from 1,200 sf to 1,800 sf on its share of the land. The two- and three-bedroom units will be priced at close to $300,000 to almost $400,000. The first modals will debut in late 2006.
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