One Sotheby’s proposed Coral Gables headquarters advances

One Sotheby’s International Realty’s proposed new Coral Gables headquarters passed its first hurdle.

The Coral Gables Development Review Committee on Friday sent the brokerage’s planned six-story mixed-use building to the next phase. The committee, made up of administrative staff from Coral Gables, usually performs the first review of proposed developments. After One Sotheby’s responds to questions from officials on the platform EnerGov, the project next will move to the Coral Gables Board of Architects for review. 

The proposed One Sotheby’s development at 1501 and 1505 Sunset Drive would span more than 31,000 square feet, including 20,300 square feet of offices and 8,000 square feet of ground-floor retail space. One Sotheby’s President Daniel de la Vega confirmed he is in talks with food and beverage providers for a restaurant in that space, and that he plans to lease out all but one floor of the office space. 

Local firm Hamed Rodriguez Architects is designing the building, and application materials submitted to the city indicate the project will cost $7 million to develop. 

The brokerage’s proposed project is applying for Coral Gables Mediterranean architectural design bonuses, which allow for additional stories and a higher floor area ratio. According to the city’s development review process, the project’s timeline for complete review and approval is between three and five months.

One Sunset LLC, a Florida entity registered to De la Vega, bought the development site for $4 million in 2021, records show. When complete, it will house both the One Sotheby’s headquarters and its Coral Gables branch of agents.

One Sotheby’s move to double down on Coral Gables comes at a time when many brokerages are looking to expand northward. Compass, Douglas Elliman, Keyes, and even Miami-Dade purist Fortune Christie’s have all opened new offices or bought brokerages in Palm Beach and Broward counties in recent months.