CGI Unveils Luxury Updates To Treasured Miracle Mile Property
Significant Renovations Nearly Complete at Coral Gables Landmark Building
MIAMI, Jan. 29, 2015 /PRNewswire/ -- CGI Merchant Group (CGI) unveiled the luxury updates made to their 55 Miracle Mile property, alongside community leaders and partners. The treasured Coral Gables landmark has been undergoing capital improvements – using earmarked funds of up to $1 million - to give it a proper facelift, adding to the functional improvements as well as creating the luxurious feel needed for the high-quality tenants which include popular Tarpon Bend Restaurant, Cibo Wine Bar, HSBC offices and more.
"At CGI, we pride ourselves on transforming assets that drive economic growth and provide tenants with a desirable location. We are proud to showcase the hard work that has gone into the 55 Miracle Mile property, a treasured Coral Gables landmark," said Raoul Thomas, CEO of CGI Merchant Group. "We thank the City of Coral Gables and surrounding community for their support and look forward to sharing in this exciting new chapter together."
Through interior, exterior and garage enhancements including structural upgrades, the property's overall value has increased by 16% since CGI purchased the building in October, 2013. The mixed-use property provides 65,000 square feet of office and retail space, with office and retail occupancy projected to reach 100% and 90% respectively by the end of the first quarter of 2015.
CGI, a private equity asset management firm, advises and manages its investment platform with a diverse array of real estate asset classes, the firm is currently managing more than $400 million worth of assets in the South Florida market. The organization provides strategic and effective financing that increases the value of assets. Additional properties in their growing portfolio include 1100 Biscayne Boulevard, located across the street from the American Airlines Arena and currently under renovation to become the first US location of popular luxury brand, ME Miami, by Spanish firm, Melia Hotels International; The Commons Portfolio including three properties in Palm Beach; and USDV Encore Portfolio whereby CGI serves as an investment advisor.
About CGI Merchant Group
CGI Merchant Group (CGI) is a private equity asset management firm advising and connecting its client group with a diverse array of investment opportunities. Through strategic and effective financing, CGI increases the value of its assets on commercial real estate and infrastructure investments. The investments are converted into high-quality luxurious properties increasing asset value. CGI manages more than $400 million in capital, and has a specific focus on real estate properties in the South Florida area.
Founded in 2006 by Raoul Thomas, CGI has offices in Miami, New York and Chicago. To learn more about CGI, please visit www.cgimg.com.
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SOURCE CGI Merchant Group
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