Berkadia is pleased to exclusively offer a unique opportunity to acquire a shovel-ready development site in Coral Gables, located at 390 Bird Road, Coral Gables, FL 33134. This property is approved for a development featuring 97 residential units, 8,144 square feet of retail space, and 13,831 square feet of office space. Located next to The Shops at Merrick Park and just a five-minute drive from Miracle Mile and Coral Gables’ 6M+-square-foot Class A office market, this area is highly appealing for luxury residential development in one of Florida’s most prestigious locales.
The proposed development will span across 61,860 sellable square feet, offering 97 residential units in a market characterized by low supply and high demand for both condominiums and apartments. The project will be constructed over three parcels, with the central parcel owned by the city of Coral Gables. A future owner will benefit from air rights starting at Level 2, while the city retains possession of the central parcel. Both Permit and Impact fees have been paid, and the project is primed for immediate development.
Coral Gables stands out as one of the most sought-after submarkets in South Florida, lauded by USA Today as one of the top five most beautiful small cities in America. The city’s commitment to Mediterranean-style architecture has fostered picturesque residential and commercial districts, commanding high values for property owners. With high barriers to entry, the opportunities to develop residential units are both rare and highly coveted by investors.
A significant advantage of 390 Bird Road is its readiness to begin construction, complete with a building permit, which is time-consuming to obtain in Coral Gables due to the city’s stringent regulations. This site represents not just an investment in property, but an investment in one of the most exclusive and desirable locations in the U.S.
