Greystone Development, a New York-based real estate development company, today announced it has completed the ground-up construction of 2500 Biscayne Boulevard, a 19-story mixed-use property in Edgewater, FL. In conjunction with the completion, Greystone sold its stake in both the residential and retail portions of the recently completed property.
Co-developer Alta acquired Greystone’s remaining residential stake of the 156 rental unit property, while investment partner Infinity Real Estate acquired the full retail portion of the asset, which comprises 11,500 square feet. The retail spaces are currently leased to Mount Sinai Medical Center, Mercantil Bank, and Rice Mediterranean Kitchen.
“Greystone’s model enables us to embark on a project from scratch and see it through to completion, such as 2500 Biscayne, and there is no greater satisfaction than that,” said Thomas Ryan, head of Greystone Development. “We have truly enjoyed working alongside Alta and Infinity to see 2500 Biscayne come to life, and we are thrilled with the outcome. As we exit our position, we look forward to our next development challenge, whether it is in Miami, or beyond.”
Infinity partner David Berg noted, “Over 7,000 units have come into the market since 2014, with nearly 2,000 more units in the pipeline. Edgewater is one of Miami’s most exciting high-growth submarkets, and we are delighted to be serving the neighborhood with convenience retail making this community more pedestrian friendly and enjoyable to live in.”
Infinity has invested more than $165 million in Miami real estate since 2014. The Company’s holdings are diversified across Edgewater, Wynwood and South Beach.
Berg added, “Greystone and Alta have been great partners throughout this project. We thank them and wish them great success in all of their endeavors. We also greatly appreciate Mercantil Bank for being a valued financing partner and for choosing this location as home to another one of their branches.”
The development of 2500 Biscayne follows the 2016 completion and sale of The Mile at Coral Gables, marking the second successful collaboration between Greystone and Alta.