The Real Deal Miami

$500M mixed-use Coral Gables development gets first approval

Would include a hotel, 300K sf of commercial space, 214 condos and 15 townhouses

April 03, 2015 12:00PM

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Old Spanish Village

Old Spanish Village

A Coral Gables development is one step closer to becoming a reality after a Thursday city commission meeting reportedly gave the project initial approval.

The Mediterranean Village, a $500 million mixed-use project to be developed by Agave Ponce, passed its first reading with the city commission and is set to return for a second reading, a publication reported.

The development would include a high-end hotel, 300,000 square feet of office space, restaurant and retail space, 214 condo units and 15 townhouses, all on the former Old Spanish Village site.

City officials had concerns about competition between the project and Coral Gables’ Miracle Mile, and asked the developer to scale back its plans for a second reading.

Revisions included 200,000 square feet in downsizing to roughly 1.1 million square feet, the removal of a theater and residential tower and repositioning the hotel, the Miami Herald reported.

Plans for the hotel tower’s height were also reduced from 218 feet to 190 to meet city code.

The project has run into controversy over placing retail space in the middle of neighborhoods due to safety and privacy concerns, the newspaper reported.

City commissioners will convene for a second reading at least 40 days before the next commission meeting. If approved, the project would open three to five years after getting the go-ahead.

Agave announced plans for the development in February 2014. The company’s CEO is tied to Mexico City-based Grupo JB, which owns the Jose Cuervo brand. The company has developed properties in Coral Gables before, specifically with the office building at 396 Alhambra Circle. [Miami Herald]Sean Stewart-Muniz