$500M mixed-use Coral Gables development gets first approval

Would include a hotel, 300K sf of commercial space, 214 condos and 15 townhouses

TRD MIAMI /
Apr.April 03, 2015 12:00 PM

A Coral Gables development is one step closer to becoming a reality after a Thursday city commission meeting reportedly gave the project initial approval.

The Mediterranean Village, a $500 million mixed-use project to be developed by Agave Ponce, passed its first reading with the city commission and is set to return for a second reading, a publication reported.

The development would include a high-end hotel, 300,000 square feet of office space, restaurant and retail space, 214 condo units and 15 townhouses, all on the former Old Spanish Village site.

City officials had concerns about competition between the project and Coral Gables’ Miracle Mile, and asked the developer to scale back its plans for a second reading.

Revisions included 200,000 square feet in downsizing to roughly 1.1 million square feet, the removal of a theater and residential tower and repositioning the hotel, the Miami Herald reported.

Plans for the hotel tower’s height were also reduced from 218 feet to 190 to meet city code.

The project has run into controversy over placing retail space in the middle of neighborhoods due to safety and privacy concerns, the newspaper reported.

City commissioners will convene for a second reading at least 40 days before the next commission meeting. If approved, the project would open three to five years after getting the go-ahead.

Agave announced plans for the development in February 2014. The company’s CEO is tied to Mexico City-based Grupo JB, which owns the Jose Cuervo brand. The company has developed properties in Coral Gables before, specifically with the office building at 396 Alhambra Circle. [Miami Herald]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
115 Arvida Parkway in Gables Estates, Irene Sáez (Credit: Gianni Ferrari/Cover/Getty Images and Douglas Elliman)

Ex-Venezuelan politician who won Miss Universe sells Gables Estates mansion

Ex-Venezuelan politician who won Miss Universe sells Gables Estates mansion
6312 Riviera Drive and Jeff Conry (Realtor)

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M
340 Leucadendra Drive and Mocca's Alex Pirez (inset)

Mocca Construction pays $12M for half-built Gables Estates spec mansion

Mocca Construction pays $12M for half-built Gables Estates spec mansion
90 Leucadendra Drive with Lee Scott Millstein and Sylvie Millstein (David Hernandez - REWS, Getty)

Private equity exec, fashion designer pay $22M for Gables Estates mansion

Private equity exec, fashion designer pay $22M for Gables Estates mansion
From left: Brian Kingston, Irving Padron and Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park
Samark Jose Lopez Bello, 325 Leucadendra Drive (Credit: Google Maps)

Seized home of alleged frontman for drug launderer sells for $12M

Seized home of alleged frontman for drug launderer sells for $12M
Frank Del Rio and 272 Marinero Court (LPG Lifestyle Production Group)

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...