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.