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The Collection Coral Gables

CMC Group Secures $69.9 Million Loan for 4000 Ponce/The Collection in Coral Gables

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The Collection Coral Gables

CMC Group has obtained a significant $69.9 million loan from City National Bank of Florida (CNB) for the refinancing of 4000 Ponce/The Collection. This nine-story, Class-A mixed-use office and retail development, situated in the heart of Coral Gables, was developed by CMC Group Founder Ugo Colombo in 2002. The Mediterranean-style building is not only an architectural marvel but also a hub for luxury and business, featuring The Collection, a high-end car dealership showcasing brands such as Ferrari, Aston Martin, and Porsche.

Located at the intersection of Ponce de Leon Boulevard and Bird Road, 4000 Ponce/The Collection encompasses 150,000 square feet of Class A office space and 32,000 square feet of ground-floor retail. The property boasts over 90% occupancy, with prestigious tenants including Steinway & Sons, Coldwell Banker, and Hemisphere Media Group.

“Our ability to secure this refinancing for 4000 Ponce is a testament to the building’s enduring value and strategic significance in the Coral Gables market,” said Ugo Colombo. “As the anchor of Coral Gables’ Southern Business District, 4000 Ponce not only boasts a premier walkable setting adjacent to The Shops at Merrick Park, but also a top-tier tenant roster including The Collection’s flagship location, which has called the building home for more than 20 years. With this refinancing, 4000 Ponce continues to set the standard for being one of the most prestigious business addresses in Miami, reinforcing its position as a cornerstone of sophistication and quality in the market.”

The refinancing process was facilitated by JLL Capital Markets, with a team led by Senior Managing Director Paul Stasaitis, Associate Paul Adams, and Analyst Nicole Barba. Legal representation was provided by Jim Shindell and Hannah Lidicker of Bilzin Sumberg. The five-year, floating-rate senior loan secured through City National Bank of Florida underscores the building’s robust market presence and the sponsor’s proven track record.

Gary Fitzgerald, Executive Vice President and Real Estate Banking Executive at City National Bank of Florida, added, “CMC Group has been one of Florida’s most prolific real estate firms for more than 30 years, and 4000 Ponce has been a centerpiece of commercial activity in Coral Gables since its development. Our decision to finance the asset aligned closely with our dual focus on relationship banking and providing capital to clients that are fueling Florida’s real estate market, which is among the nation’s strongest.”

Built in 2002, 4000 Ponce features a grand lobby adorned with marble, Venetian stucco, cherry millwork, and bronze accents, embodying Mediterranean-style architecture. Each office floor offers approximately 30,000 rentable square feet with flexible floor plans. The building is equipped with advanced broadband communications, high-speed internet, data network services, and ample on-site parking.

The strategic location of 4000 Ponce/The Collection offers tenants easy access to executive housing, The Shops at Merrick Park, Coral Gables trolley service, a nearby MetroRail station, and proximity to US-1 and Miami International Airport.

Ponce Park Residences Coral Gables

Ponce Park Residences Update in Coral Gables

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Ponce Park Residences Coral Gables

Under the leadership of Allen and Spencer Morris, the Allen Morris Company has received commission approval for an exciting new project: Ponce Park Residences. This luxury condo development is set to become a significant addition to the heart of Coral Gables. Situated at the prestigious intersection of Ponce De Leon Boulevard and University Drive, Ponce Park Residences is poised to become an iconic building in “The City Beautiful.”

On May 21, the Coral Gables commission unanimously voted 5-0 in favor of Ponce Park Residences. Designed by the esteemed architect John Cunningham, the project pays homage to the Mediterranean influences that define Coral Gables. Cunningham, renowned for his design of the timeless Alhambra Towers—another landmark owned and developed by The Allen Morris Company—brings his expertise to create a structure that blends seamlessly into a new city park. The project also features landscape design by Naturalficial, enhancing its aesthetic appeal.

Ponce Park Residences will feature approximately 20,000 square feet of retail and restaurant space, including two world-renowned restaurants and a top-tier wellness spa. The tower will house 57 ultra-luxury condo units designed by Meyer Davis. Each unit will boast the finest Italian kitchens and countertops, 12-foot deep balconies equipped with summer kitchens, and clear ceiling heights of 11 to 12 feet. The rooftop deck will offer 30,000 square feet of amenities, including multiple pools, a cold plunge, a hot tub, and a fully staffed private rooftop bar with stunning views of South Gables and Biscayne Bay.

Residents will enjoy a boutique urban lifestyle with access to over 100 shops and restaurants located at the $1 billion mixed-use development, The Plaza Coral Gables, directly across the street. Additionally, the Miracle Mile corridor, known for its vibrant shopping and dining options, is just a short walk away.

The Allen Morris Company is committed to enhancing the community. They will contribute $2 million in public improvements and take on the responsibility for the redesign of Ponce Circle Park, the city’s central park. The total investment in park improvements will exceed $9 million, ensuring a beautiful and functional space for all residents to enjoy.

Sales for Ponce Park Residences are set to launch in the summer of 2024.

Coral Gables’ 4225 Ponce Development, a Class A+ Commercial and Retail Opportunity

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Coral Gables' 4225 Ponce Development

Constellation Group, a distinguished commercial real estate investment and development firm based in Miami, in collaboration with The Boschetti Group, has successfully secured a substantial $33 million construction loan from Miami’s Banesco USA and Abanca. This funding is a strategic investment in the development of a Class A+ boutique office and retail complex at 4225 Ponce de Leon Boulevard, located in the heart of Coral Gables, South Florida’s City Beautiful and Merrick Park district. Renowned for its upscale shopping and entertainment, this area is a hub for economic growth and opportunity.

Eduardo Otaola, the Managing Principal at Constellation Group, highlighted the significance of this partnership and the potential of 4225 Ponce to introduce a unique, boutique-style Class A office environment to Coral Gables. This development is strategically positioned in a market that is currently experiencing limited supply, making it an attractive investment opportunity.

The project involves an eight-story building, spanning approximately 85,000 square feet between 4225 and 4311 Ponce de Leon. This venture is distinguished by its innovative design from the internationally acclaimed architectural firm, Arquitectonica. The luxury boutique-style Class A Office will feature 5,900 square feet of ground floor retail space, extensive parking facilities, 70,000 square feet of premium office space, and a rooftop food and beverage venue of 7,000 square feet, offering panoramic city views.

Amelia Rodriguez, Senior Vice President of Banesco USA, expressed optimism about the sustained economic growth in South Florida and the role of 4225 Ponce in enriching Coral Gables’ status as a prime business and cultural hub. This project aligns with Banesco USA’s vision of investing in innovative and dynamic projects, indicating a strong future for similar endeavors.

Monica Vasquez, General Manager at Abanca, emphasized the transformative nature of this collaboration, aimed at enhancing the urban, cultural, and economic landscape of Coral Gables. This development is a testament to Abanca’s commitment to supporting visionary and impactful projects.

Set to break ground in Q4 2023 and slated for completion in 2025, this project signifies a major revitalization initiative around Coral Gables’ Merrick Park district. It aims to elevate the business and consumer landscape of the area. Interior Architects, Inc. and Naturalificial will play crucial roles in designing the interior and landscape, ensuring a harmonious blend of nature and modernity.

Investors should note the project’s unique features, including four stories of Class A+ office space, a rooftop restaurant with city views, outdoor terraces, ground-floor retail spaces, and a 1,500-square-foot lounge. The addition of a covered pedestrian plaza and paseo with valet parking service is expected to enhance the appeal and functionality of the development, making it a lucrative investment opportunity in a thriving economic zone.

The Avenue Residences and Hotel

The Avenue Hotel & Residences Breaks Ground

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The Avenue Hotel & Residences

The Avenue Hotel & Residences Coral Gables, an exclusive 8-story Parisian-inspired neo-classical boutique condominium and hotel, has commenced construction. This prestigious development, situated directly opposite Merrick Park, is the brainchild of Oscar Roger, President and CEO of the esteemed Roger Development Group, a family-run entity renowned in the real estate development and management sector.

The groundbreaking ceremony, a significant event in the property’s journey, was held on November 1st at the project’s sales center at 351 San Lorenzo Avenue. Spearheaded by the formidable father-son duo, Oscar, Sr. and Oscar Roger, Jr., the event was graced by their partners Zarko Cukic, Jose Espantoso, and Veronica Rey, alongside key figures from the design team. This includes Architect Willy Bermello of Bermello Ajamil & Partners, Interior Designer Adriana Hoyos, and Alicia Cervera Lamadrid, a principal figure at Cervera Real Estate. Thornton, the project’s general contractor, was also represented.

The event attracted Coral Gables Mayor Vince Lago and over 75 influential members of the local civic and business community. The gathering was a celebration of the project’s progress, marked by a toast and the ceremonial first sand toss using branded silver shovels.

Oscar Roger, the driving force behind the project, expressed his enthusiasm for this landmark development, emphasizing its alignment with Coral Gables’ world-class standards. Oscar Roger, Jr. highlighted the project’s evolution from a concept to a city-defining landmark, praising Cervera Real Estate for their exceptional sales performance, with over 75% of the units already sold.

Cervera Lamadrid of Cervera Real Estate, the exclusive sales and marketing firm for the project, expressed confidence in its success, citing its exceptional design, quality, and prime location opposite Merrick Park as key factors driving demand.

The Avenue Hotel & Residences Coral Gables is not just a property, but a statement of luxury and exclusivity. It offers 48 residences with sophisticated one- and two-bedroom layouts, ranging from 598 to 1,200 square feet, and priced between $730,000 to over $1.3M. Each unit boasts contemporary Italian-style kitchens and baths, equipped with high-end appliances from Miele, Subzero, or Wolf. The property features over 3,800 square feet of ground floor retail space, a front desk reception, and hotel services designed to elevate the living experience. Amenities include valet parking, newspaper and package delivery services, and a resort-style pool deck on Level 9 with a summer kitchen and dining area.

The project is slated for completion in early 2025, promising to be a beacon of luxury and sophistication in the city.

The Village of Coral Gables

MG Developers Break Ground on the Village at Coral Gables

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The Village of Coral Gables

The Village at Coral Gables is a highly anticipated residential development that just broke ground. The development pays homage to the aesthetic beauty and way of life of Seville, Spain, and carries on the legacy of the dreamer and founder of Coral Gables, George Merrick, and his vision.

This unique enclave’s construction was officially launched on Saturday, September 16th during the groundbreaking ceremony at 504 Malaga Avenue. More than 600 distinguished guests attended the event, including Coral Gables Mayor Vince Lago, Coral Gables Chamber of Commerce President Mark Trowbridge, the project’s exclusive sales partner, One Sotheby’s International Realty’s Founder and CEO Mayi de la Vega, and President Daniel de la Vega, as well as local buyers and residents.

After the groundbreaking ceremony, visitors were treated to a memorable experience at the appropriately called “The Village Harvest Festival.” Families and neighborhood residents gathered for the celebration of the fall season and the opening of The Village at Coral Gables from 10:00 a.m. to 2:00 p.m. The event included a farmer’s market with regional artisans and entertaining carnival games like face painting and bounce houses.

The 17 parcels that make up The Village at Coral Gables will be surrounded by Segovia Street, Hernando Street, Santander Avenue, and Malaga Avenue. From chic two-bedroom flats with a study area and a balcony to attractive four-bedroom townhomes that range in size from 1,750 square feet to 3,100 square feet, the townhomes, lofts, villas, and flats will vary in style and size. The Village at Coral Gables, created by De La Guardia Victoria Architects & Urbanists, will be developed in a Mediterranean Revival-Style Architecture, including gardens, courtyards, and fountains inspired by the alcoves in the Plaza de Espaa, and be modeled after Merrick’s seven communities.

A wellness clubhouse, indoor and outdoor terrace lounges, a workout wing, a plunge pool, a library, a conference center, and high-speed Wi-Fi are just a few of the recreational amenities available to residents. These amenities redefine modern living in the historic Coral Gables neighborhood. The Village at Coral Gables provides residents with the best of South Florida life because it is located close to Downtown Coral Gables, golf courses, the Lowe’s Hotel, the Biltmore Hotel, cultural attractions, and renowned culinary establishments.

Construction is expected to be completed by 2024. If you or someone you know have an interest in purchasing at the Village of Coral Gables, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

The Village of Coral Gables Lounge