At the Palace at Coral Gables, residents can spend their golden years surrounded by gold ochre marble. The $100 million project at 1 Andalusia Avenue is a luxury rental community for senior citizens that welcomed residents in June, the Miami Herald reported.
The facility has a 99-year lease with Coral Gables, which owns the land. Monthly rent for residents ranges from $4,620 for a 476-square-foot studio to $7,650 for a 1,110-square-foot two-bedroom, two-bath apartment.
The building’s base rent starts at $120,000 in the first year and will grow annually until it hits $250,000 in the 15th year. In the 31st year, rent will go to $255,000 and increase by 2 percent annually, the newspaper said.
Mario García-Serra, an attorney at Greenberg Traurig, spearheaded the project, which launched in 2005. The Palace Group served as developers. In June 2012, the Fullerton Group was named the architectural firm to design the community, as previously reported. [Miami Herald] – Mark Maurer