MIAMI—Greystone Property Development just closed on a parcel of land near the popular Miracle Mile commercial section of Downtown Coral Gables. The project, a joint venture with Miami-based Alta Developers and Strategic Properties, represents Greystone's entry into the Miami multifamily development market.

“The Mile,” a planned 13-story, 119-unit mixed-use property with street-level retail, will be located along Coral Way, just one block from the Miracle Mile shopping district. Miracle Mile spans several blocks of retail, dining, and entertainment. Once fully developed, the property will have a projected value of more than $40 million.

“We feel that the Coral Gables market is extremely promising for multifamily real estate development, considering the increasing demand for housing within walking distance of the area's shopping, restaurants and cultural activities,” says Jeff Simpson, CEO of Greystone. “The Mile's proximity to downtown and the airport is a key reason why the Downtown Coral Gables location is so attractive for a growing influx of sophisticated residents.”