The Real Deal Miami

Codina tops off luxury rental and office building in Coral Gables

Leasing for the apartments is expected to begin next year

July 21, 2016 03:00PM

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Rendering of 2020 Salzedo (Inset: Armando Codina and Ana Codina-Barlick)

Rendering of 2020 Salzedo (Inset: Armando Codina and Ana Codina-Barlick)

UPDATED July 21, 4:23 p.m. Codina Partners and its affiliate CC Residential just topped off 2020 Salzedo, an office and luxury rental tower in Coral Gables.

General contractor Facchina Construction broke ground on the 16-story early last year and is speeding toward an expected completion date of this fall.

Located at 2020 Salzedo Street, the tower is split into three distinct sections: a parking garage with 566 spaces, 213 luxury apartments and 49,379 square feet of Class A office space. The building also has 6,882 square feet of retail on the ground floor. Its office and residential portions will also have separate lobbies at street level.

Leasing has already begun for both the office and retail portions under brokerages Blanca Commercial Real Estate and Koniver Stern Group, respectively.

According to a recent LoopNet listing, the retail space is asking $45 per square foot annually, while prices for the office space is listed as “negotiable.”

The residential section, however, won’t start looking for tenants until the first quarter of 2017.

In June 2015, Codina scored a $53 million loan from Regions Bank to help finance 2020 Salzedo’s construction. The Mediterranean-style tower was designed by BC Architects, a Gables-based firm that’s worked on projects like the upcoming Biscayne Beach condo tower in Edgewater.

Correction: A previous version of this story incorrectly stated Koniver Stern Group was handling leasing for the project’s apartments. The brokerage is instead representing the developers for retail leasing.