Giralda Place in Coral Gables scores $25M construction loan

Loan can be boosted to $50M

Apr.April 21, 2016 11:20 AM

The developers of a mixed-use project in downtown Coral Gables closed on a $25 million construction loan, records show.

Giralda Place, a 33-unit development at 2222 Ponce de Leon Boulevard, broke ground earlier this month. The developer, Giralda PB LLC, is led by Heidi Eckes-Chantre, Kim Tabet and Christopher Brown.

City National Bank of Florida is the lender for the loan, which can be boosted up to $50 million. The Mediterranean-style project will also include about 58,000 square feet of office space, 13,900 square feet of street-level retail and a 419-space parking garage, according to published reports.

EWM Realty International is handling sales for the condos with prices ranging from about $915,000 to $1.7 million excluding penthouses, Patrick O’Connell of EWM told The Real Deal. O’Connell said the project hasn’t officially launched sales yet, but that he has about half a dozen reservations. A full sales operation will be up and running by mid-May.

The units, which include 23 condos and 10 townhomes, range from about 1,600 square feet to about 2,900 square feet, also excluding penthouses. Residents will have access to amenities including a fitness center, electric car charging stations, a pool deck with cabanas, day beds and a wet bar. Units will feature 11-foot ceilings, finished balconies and custom Italian cabinetry.

Giralda PB will renovate the existing building at 2222 Ponce de Leon Boulevard and build west on about 20,900 square feet of vacant land, property records show. Fullerton Group Architects, M2E Consulting, Grycon Construction, B&G Design are also working on the project, according to a press release about the groundbreaking.

Coral Gables has seen an influx of new development with at least with 40 commercial and residential projects, 2,700 residential units, 1.5 million square feet of office space and 740 hotel rooms in the works. And near Giralda Place, the city will break ground this summer on a $21.6 million streetscape and improvements project, which calls for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas on Giralda Avenue and Miracle Mile.

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