Developer Sells Gables Mixeduse Project
Written by Claudio Mendonca on December 16, 2004
By Claudio Mendonca
Starwood Urban has sold its 260,000-square-foot mixed-used project X Aragon and 55 Miracle Mile.
At the time of its groundbreaking in early 2002, the Coral Gables project was to cost at least $58 million.
The project was completed in spring and is up for sale. In late October, Starwood sold eight other buildings in the Gables for $54 million to Terranova Corp., a South Florida commercial advisory firm.
Early this week Starwood officials would not disclose to whom the X Aragon/55 Miracle Mile property is being sold or the price. "The project is being sold to investors," said Jay Massirman, executive vice president of CB Richard Ellis, a real estate services company.
Spanning from Miracle Mile to Aragon Avenue, the 15-story building is expected to attract upscale restaurants and retailers to its ground floor.
The ground level of 55 Miracle Mile includes 22,000 square feet of space for restaurants, according to the Coral Gables Business Improvement District. Tenants are to include Tarpon Bend, a seafood restaurant slated to open Monday. City Cellar Wine Bar & Grill, a Palm Beach restaurant, is expected to open early next year.
X Aragon houses a Max’s Grill and a Ben & Jerry’s restaurants and a La Cuisine cooking-school facility.
In addition to four stories of retail, restaurant and parking space, the complex has 10 floors of apartments. It also has a European-style path at the ground level linking pedestrians from Miracle Mile to Aragon.
"We believe the addition of new restaurants, exciting new shops, boutique office space and sophisticated apartment residences will make downtown Coral Gables the urban destination of choice in South Florida," said Robert Wennett, president of Urban Investments Advisors, investment manager for Starwood Urban.
X Aragon has 184 luxury rental apartments in addition to ground-floor retail and four levels of parking. The ground floors of X Aragon and 55 Miracle Mile have 39,000 square feet of retail and restaurant space.
About 5,000 square feet of retail space is available, but Kerry Newman, a senior associate at Koniver Stern Realty, handling Starwood’s leasing, said "the company is not selling any space right now."