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South Florida

Coral Gables rental project plans to break ground this summer

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An affiliate of developer Gables Residential has won a $50 million construction loan for a new 250-unit rental apartment and retail project on 2.3 acres on Le Juene Road near South Dixie Highway in Coral Gables. The Atlanta-based developer, which already has 16 projects in the South Florida region, purchased the site for $21 million in 2007 and now plans to break ground this summer, with completion scheduled for the fall of 2012. The name of the project has yet to be announced (the working title right now is Gables 4585 Ponce), but Gables CEO David Fitch said apartments will be leased at around $2 to $2.50 per square foot, monthly. [SFBJ]