Dive Brief:
- Developer NP International has awarded Balfour Beatty the contract to build Gables Station, a 1.3-million-square-foot, mixed-use and transit-oriented project in Coral Gables, Florida.
- The project, designed by Gensler and local architect Jorge Hernandez, is divided into three buildings. Two of the buildings will feature a total of 450 residential units, with 19,000 square feet of retail in one, 18,000 square feet of retail in the other and five levels of parking in each. The third building will feature a 66-room hotel, 88,000 square feet of retail, and three floors of residential units above the hotel.
- Scott Skidelsky, president of Balfour Beatty's building operations in Florida, said the company has built other NPI projects in the past. The company said it will use lean construction methods in delivering the project by its fourth-quarter 2020 scheduled completion date. Gables Station is also seeking LEED Silver certification.
Dive Insight:
The Real Deal reported back in January that NPI secured a $158.4 million construction loan for Gables Station from the Bank of the Ozarks and that a company led by Life Time Fitness executive Parham Javaheri had leased approximately 90,000 square feet there. NPI purchased the 4.3-acre site in 2016 for $60 million.
Another Miami-area mixed-use development under construction is the city's $2 billion, downtown Miami Worldcenter. The 10-block project is located near transportation and Miami's Central Business District and will include open spaces and hotels, as well as retail, residential and commercial space. Two pedestrian promenades and a main square will offer up 300,000 square feet of shopping, while a Marriott Marquis and a boutique hotel will provide more than 2,000 hotel rooms and 500,000 square feet of event space.
Miami Worldcenter will also feature four residential buildings. One is the Paramount, a 60-story luxury condo tower with almost 570 units. Another is the 434-unit Luma, which will offer resort-style amenities across its 43 stories. The apartment building is also 43 stories, as is the 7th Street Residences high-rise, located across the street from one of the project's promenades.
