The Real Deal Miami

Empty lot in Coral Gables fetches $24M

May 20, 2013 02:00PM

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Old Spanish Village

A one-acre vacant lot in Coral Gables sold for $24 million, the Daily Business Review reported, as developers in South Florida scramble for fast-diminishing opportunities to build.

Veteran South Florida developer W. Allen Morris’ Ponce de Leon Financial Towers LLC sold the mixed-use development site at 2801 Ponce de Leon Blvd. to 2901 Ponce LLC, a Miami-based company managed by Jose Antonio Perez, according to state corporate records cited by the Review.

The buyer, who could not be reached, shares a mailing address with Agave Holdings LLC, which has ties to tequila giant Jose Cuervo Group. The company paid $30.55 million for most of the Old Spanish Village site, adjacent to the recently-purchased lot, in 2010, according to the Review.

Morris paid $24 million for the property in December 2007 and demolished an existing structure to make way for a 215,000-square-foot office tower. [Daily Business Review] –Emily Schmall

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