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In the rush to build apartments to capitalize on the hot market, developers are competing for scarce buildable sites. No land is sacred, not even a church.
Sergio Pino’s Century Homebuilders organization needs to redesign the construction of St. Pino Evangelical Lutheran Church. James in Coral Gables with multifamily ensembles and an area for the Crystal Academy School of Behavioral Therapy, which now leases the building, Pino said. James no longer uses the assets but also rents them to other organizations.
Pino, an affiliate, purchased the 1. 5-acre assets at 110 Phoenetia Avenue on St. James for $9. 8 million, records show.
The initial plan is for a 10-story apartment structure with about two hundred sets and a one-story structure for Crystal Academy, Pino said. If approved, the structure can begin in 2023 and be completed by mid-2024.
An assignment request has yet been sent to the city.
Crystal Academy offers occupational therapy, language, physical therapy, music and art, as well as school for young people diagnosed with impaired cognitive functions, according to its website.
Pino worked with the principal on the plan for the new Crystal Academy building.
“In fact, we have reached out and committed not only to building the multifamily component, but also to making sure the school continues to operate with the park and parking for all of their needs,” he said.
Century Homebuilders, in Coral Gables, is part of the wave of developers taking over the strong rental market driven by strong calls and emerging rentals.
“We are actively putting more multifamily in our cart. It’s generating profits and it’s booming right now,” Pino said. “So many people are moving to Miami. There is a shortage of rents, condos. We sell houses that remain and Right.
Miami ranked seventh in the U. S. In hiring in November, with a median rent of a one-bedroom apartment reaching $2170, representing a 4. 4% month-over-month increase and a 24. 7% increase year-over-year, according to a report through Zumper.
Pino’s business is the only one that runs on the site of a church. Similar Stephen Ross corporations are building their 25-story One Flagler work tower in downtown West Palm Beach, adjacent to the First Scientific Church of Christ, after buying the site for $20. 1 million in July. The church will be preserved.
Century Homebuilders recently ended its assignment of 850 Le Jeune with 230 apartments near Miami International Airport.
It is about to begin the structure of a 107-unit apartment assignment at 390 Bird Road in Coral Gables, and is also in the process of authorizing the progression of 675 sets in Doral, Pino said.
Coral Gables sees a component of the rush to expand components. Ubiica and Maven Real Estate are making plans for a multifamily assignment at a meeting at 130, 152 and 160 Almeria Avenue. A construction in 152 Almeria will be demolished once the rents are exhausted.
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