The title of this blog is “More Development in South Miami,” but technically this is about Coral Gables. Specifically, I am going to tell you about a recent commercial sale along the north side of Sunset Drive, in the block immediately east of Red Road. That is where Ubiica and Maven Real Estate partnered to purchase a two-story office building at 1533 Sunset Drive, plus the 10,000 square foot parking lot across San Ignacio from that structure. The partnering businesses paid $8,700,000 for the properties. They also own 1541 Sunset Drive, a building that they purchased for $7,600,000 in December of last year.
Ubiica and Maven Real Estate plan on leaving the existing offices at 1533 and 1541 Sunset Drive intact and will demolish the parking structure behind 1541 and use the spaces behind both buildings to develop either multifamily housing or an assisted living facility. I am just guessing, but I would imagine that the Sunset Drive offices will eventually be replaced by something newer, even if they are just newer offices buildings. There is no word yet as to how high the city will permit the new structure to be, but it does allow for 128 units.
While this small stretch of Sunset and San Ignacio is technically in Coral Gables, its redevelopment is going to give the South Miami area a different look!
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