Coral Gables Rising. 10 Projects in Progress.
1. 2020 SALZEDO
2020 Salzedo Street/1.6 acres
Coral Gables-based developer Codina Partners and its affiliate CC Residential are close to finishing a luxury apartment-office project at 2020 Salzedo in downtown Coral Gables, a block from Ponce de Leon Boulevard. The venture features a 16-story residential tower with 213 luxury rentals, a seven-floor parking garage with 566 spaces, plus offices and retail in a six-floor building.
The Class-A office space – nearly 50,000 square feet – is almost fully leased. Tenants include architectural design firm HKS, tech-enabled learning firm Ilumno Management, law firm Stearns Weaver, plus the headquarters for Codina Partners and its affiliates. Blanca Commercial Real Estate is the exclusive leasing agent for the offices.
BC Architects of Coral Gables designed the Mediterranean-style tower. Facchina Construction is general contractor. Regions Bank provided a $53.5 million loan. Codina paid more than $6 million for parcels to assemble the roughly 1.6-acre property in the city core, executives confirmed.
Developers broke ground on the project in April 2015 and expect completion by mid-2018. One retail tenant drawing buzz: pastry chef Antonio Bachour. He plans a bakery, restaurant and pastry academy in 5,200 square feet of street-level space, which includes a courtyard. The locale will be the first in Florida for the noted Puerto Rican chef who has been working at the St. Regis Bal Harbour resort.
2. CORAL GABLES CITY CENTER
245 Andalusia Ave. and 345 Andalusia Ave.
Real estate heavyweights The Allen Morris Company and The Related Group are finalizing details on an estimated $250 million project behind Miracle Mile that they aim to make an icon, complete with an arch the size of France’s Arc de Triomphe. "I believe it will be the most photographed location in all of Miami. It will be so dramatic," said Allen Morris, who calls himself "obsessive" about design and detail.
The project entails demolishing two city garages at 245 and 345 Andalusia Ave. and replacing them with ground-floor retail and more modern parking topped with an office tower and an apartment tower, each in a different Mediterranean style and, hopefully, with public "sky parks" on upper floors.
Plans call for at least 300 upscale apartments for rent, 140,000 square feet of Class A-office space, 20,000 square feet of retail (mainly in a covered arcade), and pedestrian alleyways that link to Miracle Mile. New garages will offer more than 1,300 parking spaces as well as "smart parking" system that will show available spots and allow reservations through an app.
Developers hope to break ground by early 2019. Construction should take about 30 months. The architect is John Cunningham of Zyscovich, who worked with Morris on his signature Alhambra Towers as well as other projects.
3. GABLES STATION
251 South Dixie Highway/4.3 acres
Developer NP International expects to break ground this quarter on its nearly $300 million Gables Station venture along South Dixie Highway, across from the Shops at Merrick Park and a short walk from Metrorail’s Douglas Road Station.
The residential-retail project features three 155-foot towers with roughly 440 rental apartments, 60 extended-stay hotel units, 125,000 square feet of retail space, and a central plaza. NPI tries to nurture communities It builds by creating gathering spaces through a concept it calls "Urban Living Room.The project has received top certification from the Transit Oriented Development Institute.
Apartments at Gables Station are aimed at Millennials and others who want to live near shops and public transit," said Brent Reynolds, CEO of NP International, and is expected to include a full-service grocery store and large health-wellness center.
NP International bought the narrow, 4.3-acre site for $60.25 million from a group that considered a big-box shopping center there. The property had hosted a car dealership. Bank of the Ozarks provided a $158.4 million construction loan. Completion is expected in late 2020.
Combined with NP International’s $172 million Paseo de la Riviera project underway about two miles farther south, developer Reynolds said, "We look at these projects as the architectural landmarks that will bookend the city on the South Dixie Highway corridor."
4. GIRALDA PLACE
2222 Ponce de Leon Boulevard
Across Las Olas Boulevard from the pedestrian-only Giralda Plaza, developers are putting the finishing touches on the Giralda Place office-residential-retail project. The roughly $70 million venture spans a city block and includes the addition of a nine-story complex of street-level retail, Class A office space and 33 luxury residences.
Prices for the new condo units start in the low $900,000s. Each unit features 11-foot ceilings, custom Italian cabinetry and some of the largest private terraces downtown. Condo residents also have access to a full floor for leisure facilities that include a pool, day beds and a wet bar. B+G Design of Fort Lauderdale is handling interiors for common areas. Some units have been sold to relocating New Yorkers.
Giralda Place Developers, led by Heidi Eckes-Chantre, Kim Tabet and Christopher Brown, also finished renovation on an existing seven-story office-retail complex on the east side of the property. Office-sharing chain We Work has rented multiple floors in that section, its first foray into Coral Gables. In all, the development offers 101,300 square feet of office space, plus 420 parking spaces.
Construction on Giralda Place began in April 2016. John Fullerton of the Fullerton Group Architects of Coral Gables handled design. Completion is expected mid-year on what co-developer Brown calls "one coveted address that can be enjoyed by buyers, tenants and the community."
5. The LINK at DOUGLAS
At Douglas Road and U.S. 1/7.5 acres
Only its traffic circle will sit inside Coral Gables, but the transit-oriented Link at Douglas will bring some of the tallest buildings yet to the greater Gables area. Five new towers will rise at least 19 stories each –one may be 35 floors – just beyond the city’s edge in unincorporated Miami-Dade County.
A public-private partnership, The Link is slated for 7.5 acres of county-owned land at the Metrorail’s Douglas Road station. The site is now a parking lot for Metrorail riders. Development partners Adler Group and 13th Floor Investments have a lease on the land for 90 years. They’ll add multi-level parking and upgrade the station.
The $500 million-plus project also features 1,375 rental units, including small apartments for workforce housing; 280,000 square feet of office space; and 60,000 square feet of retail. Plans call for big screens to show public transit schedules, plus areas for bike rentals, ride-sharing and autonomous vehicle drop-offs. "We want to be a transit-oriented development of the future," said Aaron Stolear, an executive with 13th Floor Investments.
Developers aim to break ground this year and finish by 2025, working with Corwil Architects of Coral Gables. "What makes a project of this scale viable is the structure of the public-private partnership," said Stolear. The county gets a Metrorail ridership boost and a percentage of rents. Developers get to build without buying the land
6. OFIZZINA
1200 Ponce de Leon Boulevard
The office-condo building in downtown Coral Gables called Ofizzina is set for completion in mid-2018, and it’s already more than 80 percent sold, according to Miami-based developer TSG Group.
The 16-story project offers 54 Class-A offices spanning some 97,000 square feet, plus three retail spaces on the ground floor and more than 300 parking spots. Investors have purchased offices ranging from about 700 square feet to entire floors of some 9,000 square feet. Prices have topped $750 per square foot. Among those buying: banks and wealth-management firms, including some from Europe and South America.
"Buyers can either purchase a space for end use or opt to lease that office," said Camilo Lopez, CEO and managing partner of TSG Group.
TSG and partner BF Group co-developed the office-condo with amenities often found in residential condos, including a rooftop lounge, fitness room, espresso bar and charging stations for electric cars. They worked with Corwil Architects of Coral Gables, contractors Beauchamp-Ocean, plus New York-based interior designer MKDA, which has a Miami office.
An affiliate of TSG Group paid nearly $7 million for the roughly 32,000 square foot property in 2014. Developers later secured a $10.5 million construction loan from an offshore entity. They broke ground in September 2016. Selling out the development should bring in some $80 million, TSG said.
7. LAGUNA HOUSE 4220
Laguna Street
Miami-based Roger Development Group plans to break ground this year on its 10-story boutique condo Laguna House at 4220 Laguna Street, directly across from the Shops at Merrick Park. The mixed-use project features 13 upscale condos and three street-level retail spaces. Each floor is set to include two residences averaging 3,000 square feet each, while the penthouse spans a full floor. Units are priced from about $1.5 million to $2.2 million and the penthouse at $3.2 million, said Oscar Roger Jr., who runs the family business alongside his father.
The roughly $15 million project, designed by architect PGAL, is slated to take 18 months to build.
The company also is working in Coral Gables on the residential Villa Biltmore project at 1228 Anastasia Ave. on the Biltmore golf course, which Roger calls the "the only multi-family project allowed on the golf course in that area." The venture includes 11 luxury condos in two 3-story buildings, with one or two units per floor. Each unit averages about 2,800 square feet and has private elevator access. Each also comes with three parking spaces, "a huge plus and very rare" amenity among luxury condos, said Roger Jr.
Also designed by PGAL architects, the $15 million Villa Biltmore project likely will break ground by mid-year and be completed by late 2019, according to Roger Jr.
8. MERRICK MANOR
301 Altara Avenue.
Coral Gables-based developer The Astor Companies expects completion late this year on Merrick Manor, a 10-story Mediterranean-style building with 227 upscale condominiums and 19,000 square feet of ground-floor retail at 301 Altara Avenue by the Shops at Merrick Park.
More than 55 percent of the project’s one- to five-bedroom units already are under contract, with the remaining residences priced from the $500,000s to $2.5 million, the company announced.
Led by founder, president and CEO Henry Torres, Astor broke ground on Merrick Manor in January 2017 and topped off construction ahead of schedule in October despite Hurricane Irma. Jaxi Builders is general contractor. Florida Community Bank provided a $59 million construction loan.
Among amenities, Merrick Manor will offer 24-hour valet parking, 24-hour front-desk service, a business center, fourth-floor club lounge, fitness center, and a pool with barbecue facilities. Building architects are Behar Font & Partners, with landscape design from Witkin Hults Design Group.
Astor has opened a sales gallery at 4200 Laguna Street showcasing a one-bedroom unit with designs from Interiors by Steven G. The pitch to buyers: Live near shops, cafes, restaurants, wine bars, art galleries, and theaters for a lifestyle reminiscent of European villages.
Said Torres: "We are seeing a lot of interest from the Northeast, and the brutal winter up there will only intensify demand."
9. PASEO DE LA RIVIERA
1350 South Dixie Highway, 2.66 acres
On the site of a former Holiday Inn hotel on South Dixie Highway across from the University of Miami, developer NP International broke ground this January on its $172 million Paseo de la Riviera project, designed to feature two towers around a public plaza with restaurants, shops and art.
The much-discussed venture highlights a 10-story hotel with 241 rooms, a 12-story residential building with 204 apartments above retail and parking, some 34,000 square feet of commercial space and 636parking spaces. Apartments are expected to rent for about $3 per square foot, according to Brent Reynolds, NP International’s chief executive officer.
Offering greater density than previously allowed in the area, Paseo de la Riviera apartments aim to appeal to urban professionals, who seek the convenience of shopping, entertainment and other amenities within walking distance. The project also will link to a pedestrian bridge across South Dixie Highway to access to the nearby Metrorail station as well as city and university trolley systems.
Developers bought the 2.66-acre property for $44 million in 2016. Completion is expected in early 2020.
With offices in Minnesota, Miami, New York and Costa Rica, NP International is a fourth-generation family business. Its mixed-use projects also include a 64-acre venture at the University of Florida that features a transit hub, parks, plus biking and walking paths.
10. THE PLAZA CORAL GABLES
2901 Ponce de Leon Boulevard/nearly 7 acres
With an investment likely near $550 million, Mexico-linked developer Agave Ponce plans a mixed-use project spanning several blocks on Ponce de Leon Boulevard on the same property where Coral Gables planner George Merrick kept his office nearly a century ago. Merrick’s original building will be a centerpiece.
The Mediterranean-style project features a semi-circular design anchored by two Class-A office towers, each at least 12-floors high. Set further back around a central, leafy plaza will be a 14-story luxury hotel with 240 rooms, a residential tower with 136 rental units, and multi-level parking for some 2,250 vehicles. The plaza will offer mostly ground-floor retail, including food, beverage and entertainment venues. It will integrate with the public park across the street, a two-acre green space that could add cultural events to draw more families to the plaza area, said Carlos Beckmann, Agave Ponce’s director of operations.
Agave spent more than $50 million to buy the nearly seven-acre site that had been idle for years. It aims to start construction in May and finish mid-2021. The project will seek eco-friendly LEED certification.
The Agave group includes members of the family behind the Jose Cuervo spirits business in Mexico. Its real-estate portfolio includes the Class A-office building at 396 Alhambra that hosts such top multinationals as Tiffany and HBO.
