A 15-story, mixed-use luxury rental property is now being proposed by the Constellation Group and the Boschetti Group in Coral Gables, located at 4241 Aurora Street.
The proposals will be reviewed by the city’s development review board on Friday, according to Constellation Group Principal Eduardo Otaola. Approximately 70 apartments, 20,000 square feet of office space, 10,000 square feet of retail space, and a 5,000 square foot park would be present at the development site.
The location, which takes up an entire city block, is located west of Ponce de Leon Boulevard and immediately north of the Nordstrom shop at Brookfield Properties’ Merrick Park mall.
The project’s architects are listed as Bernardo Fort-Brescia and Raymond Fort of Arquitectonica, who were chosen by the Miami-based Constellation and Coral Gables-based Boschetti. According to Otaola, the design is the Mediterranean with an “innovation” twist because the location is located within the city’s Design and Innovation Overlay District. The building’s creators are aiming for a Mediterranean-inspired addition.
According to Otaola, they met with the neighborhood to obtain input on the designs and are proposing the taller building in exchange for the park.
According to the developers’ proposal, Constellation and Boschetti are requesting a transfer of development rights at the meeting on Friday that will add 26,000 square feet to the floor area ratio and offer remote parking for around 60 of the 200 required parking places. The developers are being defended by Greenberg Traurig’s lawyer Jorge Navarro.
At 4225 Ponce de Leon Boulevard, an adjacent office and retail complex is also being built by Constellation and Boschetti. It’s anticipated that construction will begin then.
Constellation is expected to close on its share of the property at 4241 Aurora early next year. Property records show Brookfield Properties sold the 0.7-acre site to a Boschetti affiliate in January for $6.1 million.
After going before the development review committee, Otaola said the project will be heard by the Coral Gables Board of Architects. He intends to break ground by the second or third quarter of next year.
Just east of Merrick Park and south of Bird Road in Miami, a number of apartment complexes have already been completed or are in the planning stages. The Watermark at Coral Gables on LeJeune Road and Belmont Village Senior Living next to the Collection dealership are two other high-end senior living projects that developers are currently working on to the north and south of the mall.
According to public records, Boschetti also owns a site close to the Watermark project.
The LifeTime-branded mixed-use multifamily development at 237 South Dixie Highway in Coral Gables was purchased by Hines for $430 million in August.
