A boutique development site in Coral Gables, approvals and all, is up for sale asking $2.9 million.
Palmcorp Development Group is listing 1091 Galiano, a 27-unit, six-story luxury condo project, broker Deme Mekras told The Real Deal.
The asking price breaks down to $107,000 per unit and $78 per buildable square foot, Mekras said. He’s listing the site with Elliot Shainberg, both of MSP Group. A Palmcorp affiliate bought the lots at 1091 Galiano Street and 44 Santillane Avenue out of foreclosure for $1.1 million in 2013, property records show. The site totals 24,200 square feet of land.
Amid the condo slowdown in South Florida, developers have increasingly turned to boutique projects.
“They made a great purchase on the property,” he told TRD. “The thinking behind it is their development experience is in the single-family home sector in the $1.5 million to $2.5 million range – that’s really their sweet spot. They think it’s probably executed better by someone who builds vertically.”
Palmcorp, led by Gus De Ribeaux, is working on singlefamily home projects in South Miami, Pinecrest, Miami’s Upper East Side and other neighborhoods.
The developer is also planning to build Battersea Woods, a project tangled in a battle between the city of Miami attorney and a Miami commissioner.
Palmcorp’s plans for the Coral Gables project were designed by Lawrence Cohan of BC Architects. The two-and three-bedroom units include 24 condos and three townhomes with an average unit size of 1,387 square feet. There are at least two parking spaces per unit, and the project features a pool deck on the ground floor, lobby and parking garage.
Mekras said a potential buyer would only need to pay the city impact fees of $369,000 to start building.
He estimates a $15.5 million sellout for the development with an average sale price of about $566,000. The target buyers are young couples and families priced out of the single-family home market in Coral Gables, Mekras said.
“If someone gets in at that price [of $2.9 million], we think that this is a roughly $4 million net profit,” he told TRD. “The returns are attractive enough to justify the price of the land.”
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