A transit-oriented property in Coral Gables where two 40-story towers were planned has been sold, according to Bisnow.
13th Floor Investments partnered with Related Group and LeFrak on the $35M acquisition.
Shoma Group was the seller.
In 2023, Shoma filed plans for two 40-story towers on the site, which is near the Douglas Road Metrorail station.
The development was to be directly integrated to The Underline, with the Metrorail station just a few minutes walk away.
It’s not clear if the new owners will reuse the plans. They did obtain a $38.8M acquisition and predevelopment loan, the report said.
The twin 40-story towers were planned to have:
- 748 rental apartments
- 18,000-square-foot food hall
- 718 parking spaces
