A mixed-use, luxury project in the works is targeting a new demographic: luxury cars.
Nathan Vedrani and Tom Cabrerizo, director of acquisitions and CEO, respectively, for the Miami-based CFH Group, along with developer Sheldon Lowe, are building the five-story project in the area east of Coral Gables in the city of Miami. The partnership closed on a $19.5 million construction loan from SunTrust Bank for the site, which is on Bird Road and Southwest 38th Court.
Vedrani told The Real Deal that Gables Auto Vault will have car condos, as well as ground floor retail. He said the original plan included an auto dealership, but that has since been scrapped. “We knew there was a demand for secure [luxury] car storage,” Vedrani said.
The project is 50 percent sold to local buyers, he said. Prices range from $500,000 to about $2 million, with spaces that hold anywhere from six to 20 cars. Units will include security, air conditioning and high-end finishes. Owners will be able to drive their cars onto large freight elevators that open into a common area and into units with accordion-style doors.
The development is near the Collection dealership in Coral Gables, as well as Off Lease of South Miami and Deel Volkswagen and Deel Volvo. Theoretically, a car condo owner could purchase an exotic car at the Collection and drive it into Gables Auto Vault.
The construction financing covers an assemblage of about 50,441 square feet. The LLC bought the six parcels out of foreclosure in 2014, according to property records.
County records show that CB Constructors, based in Pompano Beach, is the contractor.
Over in Sunny Isles Beach, developer Gil Dezer has also tapped the car enthusiast demographic: Porsche Design Tower will include a Dezervator, a car elevator that delivers vehicles to a resident’s “sky garage.”