Trammell Crow Residential (TCR), a national multi-family real estate developer, is back in the South Florida market.
TCR is partnering with AvalonBay Communities, Inc. (AVB) to develop an eight-story, 350-unit community in Doral, an upscale suburb of Miami. Demolition begins mid-July. The residential component is part of a horizontally integrated mixed-use development featuring 80,000 square feet of retail. This will be TCR’s first development in South Florida since the last real estate cycle.
“South Florida is a key market for TCR as part of our national development strategy. Miami in particular is the only true gateway city in our southeastern footprint,” said TCR Managing Director, Jim Berardinelli.
The former 139,000 square foot Atrium Office space is set for demolition in the coming weeks. Once complete, construction of the residential and retail components will begin in earnest.
TCR will develop one, two, and three-bedroom homes including luxury amenities from pool decks to parks and bike paths. The joint venture with AVB is expected to be ready in 2020.
“We are tremendously excited to commence our first ground-up development deal in SE Florida and are very pleased to be partnering with TCR. The tri-county area of Miami-Dade, Broward and Palm Beach counties offer us a plethora of development opportunities and Doral is an ideal location,” said Ron Ladell, Senior Vice President of AvalonBay Communities.
“We are excited to be working in South Florida with such great partners. We look forward to additional investments in the years to come,” said Berardinelli.
The project is located at the Northwest corner of NW 36th Street and NW 79th Avenue.
This overview is designed to introduce Crow Holdings and its various operating companies. Crow Holdings Capital is a U.S. SEC registered investment adviser and is the manager to the Crow Holdings Capital Funds. Maple Capital Management, L.L.C. is a U.S. SEC registered investment adviser and is the manager of the Crow Holdings Industrial Build-to-Hold Fund. Crow Holdings Capital, Trammell Crow Residential and Crow Holdings Industrial are operated separately and independently from one another with separate senior leadership and investment committees.