South Florida by the numbers: Spotlight on Coral Gables

Feb.February 27, 2019 08:45 AM

From left: Renderings of Villa Valencia and Plaza Coral Gables

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.

Time waits for no town, even one bold enough to call itself “The City Beautiful.” Coral Gables is in the midst of a dramatic overhaul; transforming it from an old-fashioned neighborhood into a fresh, modern, walkable village, while maintaining its historic splendor. Obvious signs include the lovely pedestrian-friendly Giralda Plaza between Ponce de Leon Blvd and Galiano Street (featuring hip bars and restaurants), as well as a forest of construction cranes building new commercial, residential, and hotel offerings along Coral Gables’ main thoroughfares. While many are excited for this long-awaited renovation, others are concerned that it is “too much too soon,” and could threaten the legacy of a city known for slow and strictly controlled development. We explore the changing face of Coral Gables in this edition of “South Florida by the numbers.”

3: Number of city blocks the massive, $600 million Plaza Coral Gables project will comprise once completed, spreading across 7 acres on Ponce de Leon Boulevard, just south of Miracle Mile. The project, the largest in Coral Gables history, will encompass 242 hotel rooms, 164 apartments and lofts, 160,000 square feet of retail, 445,000 square feet of office space and 2,000 parking spaces. [MiamiHerald] 

$45 million: Construction loan secured by developer Rishi Kapoor to build Villa Valencia, one of many new condominium projects targeting buyers who are expected to downsize from homes in Coral Gables, South Miami, Coconut Grove and Pinecrest. Kapoor paid $16 million last year for the site at 515 Valencia Avenue, which will house 13 stories and 39 units once completed. [TheRealDeal] 

$68 million: Listing price of a Coral Gables mansion headed for auction in March, expected to become one of the highest-priced residential sales in Miami-Dade County history. The 14,000-square-foot, nine-bedroom, nine-and-three-half-bathroom home has 574 feet of water frontage on a 1.24-acre lot. It features a protected canal dock that can accommodate a 200-foot-plus mega-yacht with a separate sewer system and fresh water filling station. The home also has an outdoor summer kitchen, pool and separate captain’s quarters adjacent to the dock. [TheRealDeal] 

$1,727: Price per-square-foot of a waterfront Gables Estates mansion sold in February to Arnaldo L. Bomnin, Jr. (owner of Chevrolet dealerships in Dadeland and West Kendall) for $10.5 million. The 6,079 square foot home features five bedrooms, five bathrooms, two half-bathrooms, a pool and a dock. [SFBJ] 

Almost 76%: Percentage of the offices in Coral Gables’ new Ofizzina recently sold for a combined $50 million, demonstrating the strength of Coral Gables’ office-condo market. The 16-story, 97,668-square-foot Ofizzina at 1200 Ponce Leon Blvd. was finished in 2018 and includes three ground-floor retail spaces, two rooftop terraces and 331 parking spaces. [DailyBusinessReview] 

This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.

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