Condos at Seven-Acre, $350M Mixed-Use Miami Project Start Selling at Brisk Pace
- Sep 08, 2008
By Anuradha Kher, Online News EditorCoral Gables, Fla.–Ponce Circle Developers LLC has selected architecture firm, Jorge L. Hernandez Architect, to design Old Spanish Village, a $350 million, seven-acre mixed-use development in Coral Gables, Fla. Inspired by the vision of Coral Gables founder, George Merrick, Old Spanish Village hopes to evoke the aesthetics of ancient Spanish towns.Old Spanish Village is the modern realization of one of several themed enclaves in the city, such as the French, Chinese and Dutch villages that Merrick conceived and created in the 1920s. Spanning three city blocks, the community will feature three mid-rise condominiums and 38 villa residences, interspersed with tree-lined courtyards. When complete in approximately four years, the project will feature 222 for-sale units. In addition, the project will feature 250,000 sq. ft. of commercial space, including retail, restaurants and an office tower.“People in real estate world use the term ‘village’ very lightly, but this is truly a village with pedestrian-friendly streets and roads for cars,” Jorge L. Hernandez, founder of Jorge L. Hernandez Architect, tells MHN. “Across the seven acres, there are cobble stoned streets and small parks with fountains, which give the place a village feel but at the same time, it also has all the urban necessities that people want today. It’s a new urban community.”Hernandez adds, “The buildings are hurricane-resistant and have an old-world craftsmanship and charm, but also a quality of timelessness, which is the main draw for a lot of the buyers.” Some units will be ready for occupancy in the next six to eight months. The units are priced from $500,000 to $3 million. “Even though the overall Florida market is not doing very well, Coral Gables is an exception. People are discovering the gem that this city is. There is a lot of demand from European and Latin American buyers as well as regional buyers. Most of our units are selling at lightening speed. In fact, half of our condos are sold at the pre-construction stage,” says Hernandez.Amenities will include swimming pools, cabanas, fitness centers, common areas and covered parking. In addition, the units will feature Italian cabinetry, impact-resistant widows and doors, alarm and fire-safety systems, and high-end appliances. Villas will also offer private rooftop terraces, private elevators, individual emergency gas generators, two-car garages, a butler’s pantry and a separate laundry room.