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Announcement

Coral Gables High-End Rentals

By
Cashflow In Miami
on
September 17, 2021

2801 Salzedo Street, Coral Gables

Company sells old police department building to Codina for the rental development!

Codina Partners’ plan for a high-end rental tower in Coral Gables is a step closer, after a property swap among the developer, the city and a Mercedes-Benz dealership.

As part of the three-way trade, Codina Partners bought a 1.3-acre development site from an affiliate of Mercedes-Benz of Coral Gables for $13.2 million.

Also, an affiliate of Mercedes-Benz of Coral Gables bought Coral Gables’ former police building at 2801 Salzedo Street from the city for $16.7 million, according to a deed. In the third property exchange, Codina Partners a couple of years ago had given the city land for its new police department headquarters at 2151 Salzedo Street.

Coral Gables-based Codina Partners want to build its rental tower of up to 16 stories on a city block between Valencia and Almeria avenues, west of Salzedo Street. The plan is for a multifamily building with units up to 7,000 square feet, and smaller units from 2,000 square feet to 3,000 square feet. It will offer long-term leases for an average of five years.

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