AvalonBay Communities, led by CEO Timothy Naughton, has acquired a South Miami Winn-Dixie site located at 5850 SW 73rd Street for $18.95 million. The seller was a joint venture between entities tied to the Bacardi family and Alta Development, led by Henry Pino, who had acquired the property in 2007 for $14.5 million.
The 1.9 acre site has approval to build a 9-story mixed-use project with 283 apartment units and a 36,395 square foot grocery store designed by Corwil Architects. The residential component would feature a pool dec and 8,000 square feet of amenity space, along with the development offer 400 parking spaces. The new building would replace a 20,664 square foot Winn-Dixie which was built in 1962. The site is located just a few block from the South Miami Metrorail Station.