CLIENT NEWS: Trammell Crow, Baptist scoop up Kendall Town Center dev sites
August 15, 2022Planned multifamily and medical-use portions of the massive Kendall Town Center mixed-use project are coming closer to fruition after a pair of sales.
Dallas-based Trammell Crow Residential scooped up its 20-acre development site for $29.4 million, according to records. Less than a week prior, Baptist Health paid $17.9 million for its 18-acre site.
Both sites are on the larger Kendall Town Center, a 70-acre development between Southwest 88th and 91st streets and Southwest 162nd and 158th avenues in Miami-Dade’s West Kendall neighborhood.
The sellers were a group of developers who, through their KTC SW 88th St LLC affiliate, have worked to shepherd the project through the county’s entitlement process. The group includes NAI Miami shareholders Robert Eckstein, Josh Rodstein, Edward Schmidt and Jeremy Larkin, as well as Raymond and Rene Gonzalez.
Trammell Crow Residential, the multifamily division of Dallas-based Crow Holdings, has approval to build 11 four-story apartment buildings with 969 parking spaces. Through an affiliate, it scored a $114.7 million construction loan from PNC Bank, records show.
Baptist, which operates West Kendall Baptist Hospital adjacent to Kendall Town Center, said in a news release that it will use the property to complement its existing hospital services. The site, referred to as the “health and wellness district,” is entitled for 215,000 square feet of medical offices, 70,000 square feet of education and 125 hotel rooms, county records show.
As part of the deal, the sellers also bought a nearby 6-acre site from the hospital that will be added to Kendall Town Center.
The remaining 33 acres, which the NAI partners and the Gonzalezes own, fronts Southwest 88th Street and could be developed with up to 490,000 square feet of commercial space, including retail, and 224 rental units. The acreage also has 12 outparcels.
KTC SW 88th St bought the entire tract from the Howard Hughes Corporation in 2017 for $41.8 million.
