Miami-based SH Communities is revising a master plan to develop 257 acres of wooded land in Melbourne.
An affiliate of SH bought the land for $13 million in 2005, and in 2006, the City of Melbourne approved the company’s proposal to develop 1,381 single-family homes, villas and townhouses spread across 14 mini-neighborhoods.
But that development, called Mayfair Isles, never advanced after the real estate market crashed in 2007.
City council members unanimously agreed in April to consider rezoning the land and terminating agreements with SH related to the Mayfair Isles project.
The 257-acre tract is east of Babcock Street, south of Florida Avenue, west of Lipscomb Street and north of Pirate Lane. The land, wedged between Palm Bay High School and Melbourne Central Catholic High School, is among the biggest remaining wooded tracts in Melbourne.
Phil Nohrr, a Melbourne attorney for the developer, told city council members that the revised SH master plan will be a catalyst for growth in southern Melbourne
The real estate investing arm of Prudential Financial just paid a whopping $83 million for the 355 Alhambra office tower in downtown Coral Gables.
An affiliate of Prudential Real Estate Investors, which has an asset portfolio valued at $62.6 billion, purchased the 16-story tower through a deed filed Tuesday, according to Miami-Dade County records. The price breaks down to about $168 per square foot.
The seller is AEW Capital Management, an investment management firm that owned the building on behalf of institutional clients. Records show AEW paid $87.3 million for the building in 2008 — about $4.3 million more than its current price.
The tower, at 355 Alhambra Circle, was first built in 2001 and measures 492,820 square feet. A big portion of that square footage is located in the building’s multi-story parking garage, which affords three parking spaces per 1,000 square feet of rentable space, according to the building’s website. The remaining 224,241 square feet is divided into leasable offices. Tenants include Merrill Lynch, Moore & Co. and Spencer Stuart.
This is the second high-profile office purchase in the downtown Coral Gables area to close in December: two weeks ago, a Deutsche Asset & Wealth Management fund paid $119 million for the Alhambra office complex.