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Approved land for rental apartments use sold.

By
Cashflow In Miami
on
October 9, 2020

3811 Shipping ave, Coral Gables

Shipping Avenue Apartments by Mast Capital would have 254 apartments and 825 square feet of retail.

The site was approved for 20 stories. Avalon Bay purchased a stake in Mast Capital for the approved plot of land in 2019/

254 apartments ranging from 545 square feet to 1,325 square feet, with a handful of two-story townhouses on the ground floor. It will also feature 825 square feet of commercial/retail space, a 319-space parking garage, and more than 10,000 square feet of amenities that will include a co-working space, fitness room, yoga room, pool deck, game and kids rooms, library and a lounge.  

Mast Capital affiliate M-3811 Shipping Owner paid $10.9 million for the 1-acre site in May 2017.

Same developer had recently been rejected zoning chnages for new residential tower called Alton Bay, at 4000 Alton Road in Mid-Beach.

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