Coral Gables developer moves forward with mixed-use tower on Miracle Mile

AJP Ventures plans to finance construction with a $40M loan

May.May 08, 2019 05:30 PM
Alberto J. Pérez and Jorge Navarro and a rendering of 100 Miracle Mile (Credit: AJP Ventures)

Alberto J. Pérez and Jorge Navarro and a rendering of 100 Miracle Mile (Credit: AJP Ventures)

The city of Coral Gables approved plans for a new mixed-use apartment tower on Miracle Mile.

AJP Ventures, led by president Alberto J. Pérez, and its partners Mas Group and TAZ Partners are now moving forward with 100 Miracle Mile, a two-building project with a 14-story building with 135 luxury rental units, about 13,000 square feet of ground-floor commercial space, and 4,236 square feet of office space, according to a spokesperson for Greenberg Traurig. Jorge Navarro, a shareholder at the firm, represented the developer as its attorney.

The commission recently approved the project, and the developer is now working on finalizing its plans to file for building permits. Pérez said that he’s seeking roughly $40 million in construction financing.

AJP Ventures paid $8.3 million in 2014 for the property, which houses a nearly 37,000-square-foot, three-story office building leased to SunTrust Bank and H&R Block. The developer plans to keep the office building with ground-floor retail, and turn the second and third stories into apartments, plus build a pool deck on the roof. The new, larger building will be built first on a parking lot just south of the existing office building.

Pérez plans to break ground in early to mid 2020 and complete construction within two years after that. Architect Robert Behar of Behar + Font designed the building.

Navarro said the project will front the newly redeveloped Miracle Mile streetscape, marking one of the first projects to do so.

Development is booming in Coral Gables, with a number of projects under construction along U.S. 1. Near AJP Ventures’ property is the under-construction Plaza Coral Gables, a 2.25 million-square-foot development with offices, retail stores, restaurants and residences, and a hotel just south of Miracle Mile next to Ponce Circle.

AJP Ventures scored approval last year to build a $40 million office project near Baptist Hospital’s Kendall campus in Miami. AJP is co-developing that with the Mas Group.

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