Alta Developers Announces New Short-Term Rental-Friendly Condo Project in Coral Gables
Alta Developers, a prominent Miami-based real estate firm, has officially launched sales for its latest venture, a short-term rental-friendly condominium known as Cassia, located in the vibrant heart of Coral Gables. This announcement marks a significant shift from the company's initial plans of developing an apartment complex at 4011 Salzedo Avenue.
Originally intended as a multifamily apartment building, the project's direction shifted about six months to a year ago, amidst challenging market conditions. "The multifamily market is pretty tough today. With interest rates and costs, it’s very difficult to launch a multifamily project,” explained Raimundo Onetto, CEO of Alta Developers. He further noted the sustained demand in the condo market, which influenced the strategic redirection towards developing Cassia as a condo project suitable for short-term rentals.
Cassia is set to rise as a 12-story building offering 174 residential units, with sizes ranging from 662 to 1,439 square feet. The units, which will include options from one to three bedrooms, are priced starting in the $700,000s, stretching up to about $1.8 million. Each condo will be delivered fully finished and furnished, featuring elegant interiors by RH (formerly Restoration Hardware), ensuring a premium living experience.
The development is designed to attract a diverse group of buyers, including foreign investors and families with children attending the University of Miami, as well as medical professionals working at nearby hospitals. "People can use it when they’re here, and when they’re not here they can put it into a management program that allows them cash flow. … This is a great way to start your real estate portfolio,” said Jesse Ottley, President of Development Sales, highlighting the project's flexibility.
Set to open a sales center this month at 4201 South LeJeune Road, Cassia is strategically located near top shopping destinations like the Shops at Merrick Park and luxury automotive dealer The Collection. The project promises a rich array of amenities including a café, gym, multiple pools, and a landscaped garden on the fifth floor, not to mention a striking $1 million tree sculpture within a serene paseo.
With plans to break ground by year-end, Alta Developers aims to secure construction financing by selling approximately 40% to 45% of the units—roughly 70 units in total. The anticipated loan amount is around $60 million, with construction expected to last about 18 to 20 months.
Alta Developers purchased the 1.5-acre site for $17.5 million in late 2020 from Baptist Health South Florida. The site's history includes a previous development plan by Ugo Colombo and Masoud Shojaee, which was later sold to Baptist in the wake of a legal dispute.
Cassia represents a significant addition to Coral Gables and South Florida's growing portfolio of short-term rental-friendly developments, joining other noteworthy projects like 600 Miami Worldcenter and Natiivo Fort Lauderdale. As Alta Developers embarks on this exciting project, Cassia is poised to become a cornerstone of flexible urban living in Coral Gables.
