Miami, FL – Butters Construction & Development and Greystar are pleased to announce that they have formed a joint venture and have acquired 45 acres at NW 97^th avenue and NW 170^th Street, Miami to develop a 360-unit multi-family project and 500,000 square foot industrial park. This mixed-use project, named Miami Midway, will have a total value in excess of $200 million upon completion in 2023.

“This was a unique opportunity to acquire 45 acres of ready to build land in Miami Dade. We immediately jumped on that opportunity as these size parcels are non-existent in metro Dade County, and the chance to develop a project of this size with a firm like Greystar, was a dream come true as they have extensive multi-family experience and we are one of the leaders in the industrial development world” said Malcolm Butters, President of Butters Construction & Development.

“Access is paramount when selecting our development sites. The I-75 visibility, along with future and underway access improvements will bring more jobs and residents to the immediate area. It’s one of the rising stars in Miami-Dade” commented Adam Vaisman, Director of Acquisitions, Butters Construction & Development.

“We are thrilled to have the opportunity to partner with a firm like Butters to develop an institutional, Class-A industrial project of scale and a Class-A multifamily garden deal within Miami-Dade County. The multifamily project will consist of approximately 360 units in three-story surface parked product, with extensive green areas, high end finishes, and best of class amenities. These two developments are complementary to the over $850MM of development we have already executed across the tri-County area of South Florida” said Lewis Stoneburner, Managing Director for Greystar’s Florida development and construction business. 

The 45 acres was acquired from Terra Group for $53 Million. Construction is projected to start in Q4 of 2021. CBRE was responsible for introducing Butters & Greystar. Whitman Peterson will serve as a capital partner for the industrial component of the project and Greystar’s affiliated capital purchased the multifamily land.