The Real Deal Miami

Posts Tagged ‘old spanish village’

  • Jose Cuervo-tied company plans Gables project

    Mixed-use development proposed at former Old Spanish Village site
    February 05, 2014 12:00PM
    Old Spanish Village

    Old Spanish Village

    A company with ties to the owner of the Jose Cuervo tequila brand hopes to revive the former Old Spanish Village development in Coral Gables.

    Agave Ponce has presented plans to the City Commission for a 254-unit luxury condo project with office space and a five-star hotel, the Miami Herald reported. The former owners of the 6.8-acre site, Ponce Circle Developers, had received approval to build Old Spanish Village in 2006. That project would have included a mix of residential, retail and office buildings, but it stalled during the recession. [more]

    1 Comment
  • 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. [more]

  • Old Spanish Village sells for $30.5M

    July 06, 2011 09:43AM

    The site of the former Old Spanish Village has been sold for $30.55 million, according to Holliday Fenoglio Fowler, which had been marketing the site on behalf of seller FirstBank Puerto Rico. The buyer was Agave Holdings, a privately-owned firm. The price for the 5.8-acre mixed-use development was a 49 percent discount from its $60.1 million mortgage. Bilzin Sumberg represented FirstBank, while fellow law firm Holland & Knight represented the seller. [SFBJ]

    1 Comment
  • The troubled Old Spanish Village project in Coral Gables was seized by lender FirstBank Puerto Rico after the bank won its $83 million foreclosure action against the project. The site’s developers, Ponce Circle, had a $60.1 million mortgage on the property, which is located on 5.8 acres at Ponce de Leon Boulevard and Palmero Avenue. It was originally planned as a $400 million development with 195 townhouses and an office tower, although the tower is not part of the foreclosure. [SFBJ]

  • The developers of Coral Gables’ Old Spanish Village project have lost an $83.1 million foreclosure judgment to lender FirstBank Puerto Rico, sending most of the project to an online auction scheduled for May 2. Ponce Circle Developers, Mas Tec’s Jose Mas and Sachez Group’s Rafael Sanchez had envisioned the site as a $400 million development with 195 townhouses and a 206,000-square-foot office tower. The office tower is complete and was not part of the foreclosure case, but Cushman & Wakefield has been marketing the rest to potential buyers. The developers are also facing foreclosure at a 7,205-square-foot office building that they had intended to redevelop as part of the complex. [SFBJ]

  • Jorge Mas, president and CEO of Coral Gables-based MasTec, whose
    father, Jorge Mas Canosa, founded the Cuban-American National
    Foundation, has been named as a defendant in a foreclosure on the Old
    Spanish Village project on Ponce De Leon Boulevard in Coral Gables.
    Also named in the action is Rafael Sanchez, who founded the Miami Grand
    Prix, built the Homestead Motorsports Complex, and is the head of the
    Sanchez Group. Plaintiff FirstBank Puerto Rico is looking to seize the
    project, on which construction began in 2007 but remains mostly
    unfinished. [SFBJ][more]