Diversified Real Estate Capital, in a joint venture with Hines, the international real estate firm, will break ground in March on a new luxury apartment development at 8800 Doral Boulevard, Doral, Florida. The 550-unit, $134 million project will be the sixth joint venture between Diversified Real Estate Capital and Hines and their second luxury apartment development in South Florida. Construction is expected to be completed in 22 months.
The 8800 Doral Blvd. development will include one building with 300-units that feature balconies and same-floor, direct-access parking. Residents of the 300-unit building will have access to state-of-the-art amenities including a 7,500-square-foot fitness center, a spectacular pool area and common entertainment facilities. The remaining 250 units are situated in two garden-style developments designed for families and young professionals. 8800 Doral Blvd. lies approximately 10 miles west of downtown Miami in the highly acclaimed Doral school district. The 12-acre site is located at the intersection of 87th & Doral Blvd., directly across the street from the prestigious Trump International Doral golf resort, which is completing its own $250 million redevelopment.
“Doral is a terrific and growing community and we are pleased to add a fantastic, high-quality housing development to the area,” said Jeffrey Cherner, founder and executive vice president of Diversified Real Estate Capital.
Diversified Real Estate Capital is headed by long-time real-estate industry leaders Larry Levy, Jeffrey Cherner and Michael Miller. Combined, they have more than 100 years of experience in real estate development. Diversified Real Estate Capital has owned and/or developed more than $1 billion of real estate.
This is Diversified Real Estate Capital’s second project in the South-Florida region. The recently completed 276-unit AVIVA at Gables development in Coral Gables, Florida was also a joint venture between Diversified Real Estate Capital and Hines.
“South Florida is a dynamic and rapidly growing market that offers great opportunities for real estate investment,” said Michael Miller, founder and executive vice president of Diversified Real Estate Capital. “We are pleased to be able to make significant investments in this market and hope there will be additional opportunities for us to invest here in the future.”
Award-winning architectural firm Arquitectonica provided design for both the AVIVA at Gables project and the 8800 Doral Blvd. project. Other major Arquitectonica projects have included the Microsoft Europe headquarters in Paris, the Bronx Museum and Westin Times Square in New York, and the Infinity Towers in San Francisco.
“Hines and Diversified Real Estate Capital are pleased to offer these superior quality living units in what is certain to become one of the most attractive developments in South Florida,” said Cherner. “We look forward to opening Doral in late 2016.”
