Long-Awaited New Residences in Store for Coral Gables
- Jul 08, 2011
Coral Gables ranks among one of the most exclusive housing markets in the country, and construction has been fairly slow since 2006. But this seems about to change, given recent news. HFF (Holliday Fenoglio Fowler LP) recently announced the sale of the former Old Spanish Village development site in Coral Gables. According to a press release, buyer Agave Holdings LLC paid $30.55 million for the site, which is located along Ponce de Leon Boulevard.
The 5.8-acre Old Spanish Village is a mixed-use development site, entitled for nearly 700,000 square feet of residential and retail use. Location is also a key factor, given that the site is adjacent to Ponce Circle Park and within walking distance from downtown Coral Gables, the Miracle Mile shopping district and Merrick Park. Agave, also developing the $140 million mixed-use 396 Alhambra in the central business district, has not released further information as to the immediate plans for the site.
HFF’s Executive Managing Director Manuel de Zárraga and Directors Luis Castillo and Jaret Turkell, alongside real estate analyst Scott Wadler, were in charge of marketing the property and closing the deal on behalf of the seller, FirstBank Puerto Rico.
Gables Residential also has an interest in the Coral Gables market, as it recently broke ground on a new luxury rental community at the northeastern corner of LeJeune Road and Ponce de Leon Boulevard. The developer purchased the 2.13-acre site in 2007, but it was only earlier this month that PNC Bank granted a $50 million construction loan to an affiliate of Gables Residential.
The 250-unit Class A community, Gables 4585, will include 26,430 square feet of ground floor retail and parking space. One- and two-bedroom rentals apartments will be available, with amenities such as an elevated pool on the fifth floor, a state-of-the-art fitness center, concierge and valet services.