The Old Spanish Village development is coming to Coral Gables with a bang, bringing the first ever building implosion to the community.
The demolition of the 12-story office building at 2801 Ponce de Leon Boulevard is scheduled for Saturday morning. It will level the building, and taking its place will be Ponce Towers, a 15-story commercial tower modeled after a 15th century cathedral in Barcelona, Spain.
The building is part of Old Spanish Village, developed by Ponce Circle Developers, which will consist of the office tower, mid-rise condominiums and town-home villas, with Spanish-inspired architecture.
Ponce Circle Developers owns the site, but is only developing the residences. Alberto Perez, vice president of Ponce Circle Developers, said the commercial tower is being developed by the Allen Morris Company, also based in Coral Gables.
The residential portion of the development is scheduled to begin in January 2009, with 3,700-square-foot townhouses starting at $1.5 million. Perez said construction will be in three phases, and the entire development should be finished within five years.