Developer Rishi Kapoor is launching sales of a boutique condo building in Coral Gables, planning to target buyers downsizing from homes in the Gables, South Miami, Coconut Grove and Pinecrest.
Kapoor, CEO of Location Ventures, hired One Sotheby’s International Realty to handle sales of the 13-story, 39-unit development called Villa Valencia. His company paid $16 million last year for the site at 515 Valencia Avenue, which held low-rise apartment buildings from the 1950s.
The Coconut Grove-based real estate firm has a $45 million construction loan commitment from an undisclosed lender and plans to break ground in May with a two-year construction timeline, Kapoor said.
Units will range from 2,800 square feet to 3,276 square feet with three to four bedrooms, priced from $1.65 million. Two five-bedroom lower penthouses with 4,211 square feet or 4,267 square feet will be priced at about $5.5 million, and an upper penthouse with nearly 6,300 square feet and a 4,600-square-foot terrace and pool will be listed for $10.5 million.
It has an anticipated $111 million sellout, Kapoor said, and buyers are required to put at least 50 percent down.
Kapoor said he isn’t concerned with launching during a condo market slowdown because he’s targeting buyers who are making a lifestyle decision. “I wouldn’t want to be launching sales on a Brickell condo or Sunny Isles condo right now, but in Coral Gables we feel very good that this is the time,” he said. “There’s no competition as far as we’re concerned.”
Last year, the developers of the nearby Giralda Place delivered a portion of their 33 condos at the mixed-use project, where prices start in the $900,000s. Farther south, the Astor Companies is nearing completion of Merrick Manor, a 10-story, 227-condo building where remaining units started at about $375,000 up to $2.6 million.
Amenities at Villa Valencia include a Hammam, steam room, sauna, hydrotherapy plunge pools; a fitness facility with yoga, Pilates and weight training; a 78-foot resort-style pool, two summer kitchens and sunbeds; and an entertainment room with billiards and golf and driving simulators, according to a release. Kapoor said amenities take up about half of the building.
Hamed Rodriguez Architects and CMA Design Studio are the architect and interior designer. Units will be delivered finished, Kapoor said.
Location Ventures has about $400 million worth of projects planned or under construction between Coral Gables and Coconut Grove, including commercial and rental buildings. The firm builds high-end single-family homes, co-working and co-living space, multifamily renovations and condos. Kapoor said his family has been developing in the Southeast and in India for the last 40 years.