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Week of April 3, 2003 |
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Coral Gables' new Douglas Grand, with grocery store, goes to market By Frank Norton With 159 apartments, a soon-to-open Publix and an asking price of $33 million, the Douglas Grand mixed-use development in Coral Gables is on the market. Development financiers Holliday Fenoglio Fowler are marketing the historic 1500 Douglas Road address to possible buyers interested in a mixed-use property. The site was once home to the Coliseum, a landmark venue built in 1927 by city founder George Merrick and destroyed about 10 years ago for redevelopment. The site, most recently a Service Merchandise store, is now home to an eight-story mixed-use building called Douglas Grand, owned by Douglas Road Partners. The building offers a potential tenant mix of 22,000 square feet of loft-styled office space, 159 mid-market apartments and a Publix supermarket to open early this summer, said Howard Taft, senior managing director for Holliday Fenoglio Fowler's Miami office. Publix took over the lease for ground-floor space from Albertsons supermarket after the chain decreased its Florida presence. Abood Wood-Fay Real Estate Group is marketing the office space to business services such as law and accounting firms. Amenities include a second-floor pool with views of Coconut Grove and Miami, Mr. Taft said. The building's apartments, not accessible through Publix, opened to residents in January and are now about 40% full, he said. Building owners Douglas Road Partners, a partnership involving BAP Development, were unavailable for comment.
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