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.
ABOUT TCR AND CROW HOLDINGS
Trammell Crow Residential (TCR) is a national multi-family real estate developer with over 40 years’ experience and a local presence in 12 key U.S. markets. Since 2012, TCR has developed, financed and asset managed more than $5 billion of multi-family communities totaling over 20,000 units, delivering amenity-rich communities in economically thriving locations nationwide. TCR and Crow Holdings Industrial (CHI) are the development divisions of Crow Holdings, a real estate investor, developer and owner with a global multi-asset investment platform and longstanding industry relationships built on trust, integrity and partnership. For more information, please visit www.TCR.com.