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Atlanta developer opens new 19-story apartment building in Coral Gables

Atlanta-based Gables Residential opened its newly built 19-story apartment building in Coral Gables with monthly rents starting at $2,306.

The 200-unit building at 60 Minorca Avenue, called Gables Columbus Center, has apartments ranging in size from 770 to more than 1,500 square feet.

Gables Residential, a real estate investment trust, built common-area amenities that include a mid-level swimming pool and deck with views of Miami.

Tenants also will share an outdoor fireplace area for lounging or hosting guests, plus a 24-hour automated package room and electric vehicle charging stations.

Penthouse residents will have access to a rooftop lounge with hotel-style perks.

Gables Residential got a $56 million loan in early 2017 to finance construction of Gables Columbus Center.

Architecture firm Behar Font & Partners designed the apartment building, and the development’s interior designer was CallisonRTKL.

The Atlanta-based developer is familiar with Coral Gables: In 2013, Gables Residential opened a 248-unit apartment building there, called Gables-Ponce, with a 24,000-square-foot Epicure Market grocery store. – Mike Seemuth

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Miami Foreclosures Up 29 Percent From July 2017 to 2018, Report SaysMiami River

By nearly every metric, Miami’s housing and rental markets are Kafkaesque nightmares. Few people can afford their homes here because they are expensive, while median incomes are embarrassingly low. It’s a dangerous predicament — one natural disaster could throw tons of cash-strapped homeowners spiraling into bankruptcy.

Well, according to a new report from Attom Data Solutions, the Magic City is now dealing with the fallout from one of those disasters: Foreclosures in Miami spiked 29 percent from July 2017 to July 2018, and Hurricane Irma is partly to blame.

For the first time in three years, home foreclosures actually rose year-over-year across America during the past 12 months. According to a new report released today, Miami is, ahem, not one of the few U.S. cities that have fared well over the past year — the city saw 1,119 new foreclosures in the past month alone. Though some of that spike can be attributed to damage from Hurricane Irma in September 2017, Attom’s analysts warn the foreclosure spike could be a sign of greater trouble on the horizon.

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St. Thomas University looks to sell 28 acres in north Miami-Dade


St. Thomas University in Miami Gardens has placed 28 acres of vacant land up for sale in north Miami-Dade County as the school seeks to buttress its finances for future initiatives.

The location along the Palmetto Expressway would be open for multiple uses including office, industrial, retail or residential, according to the Avison Young real estate services firm, which has been retained to market the property.

Founded in 1961 as Biscayne College by the order of Augustinian Friars, the private Catholic university would use the funds to strengthen its endowment and finance strategic projects, according to President David A. Armstrong.

The school achieved university status in 1984, operates one of only two accredited Catholic law schools south of Washington, D.C., and offers multiple degrees at the bachelor and master level. It has an undergraduate enrollment of 4,280, and its current campus size is 140 acres, according to the latest U.S. News & World Report survey of colleges and universities.

“We are excited about the complementary opportunities the land’s potential uses will present for the school and the community,” Armstrong said in a statement.

He characterized the land as “excess” and said the sale “will have no impact on our university’s long-term plans.”

“It is underutilized land,” said Michael T. Fay, Miami managing director of Avison Young. “This will really be for the benefit of the endowment and the progression of the school for many years to come.”

Fay said the university is seeking a buyer or buyers who would commit to “thoughtful development,” whether it’s for student housing, retail, office, industrial or mixed-use projects.

“We believe there’s going be significant interest,” he said.

Any purchase would be subject to the approval of the St. Thomas board of trustees and Archbishop Thomas Wenski, who leads the Archdiocese of Miami.


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Veteran bank executive sells Key Biscayne home for $11M

Veteran banking executive Mark Rufeh sold a waterfront home in Key Biscayne for $11.1 million, or $4,334 per square foot.

The 2,561-square-foot home at 398 Harbor Drive was sold to 398 Harbor Corp., a Delaware-registered company, so it’s not clear who owns it, but Feldman Law in Kendall represents it. The seller was Sunset Bay Realty, managed by Rufeh out of Holmdel.

The property last traded for $8.45 million.

The home was built on the 20,933-square-foot lot along Biscayne Bay in 1952. Given that is has only three bedrooms and three bathrooms with no pool, the home is a potential teardown candidate in order to build a larger home.

Key Biscayne is one of the most expensive ZIP codes in Florida because the island is land-constrained and in a prime location.

Rufe was previously managing director and co-head of global operations and technology at Citigroup and chief administrative office for investment banking at Credit Suisse Group.