Ubiica, Maven plan multifamily project in Coral Gables
Developers completed their assemblage with a recent $4M purchase
A new luxury multifamily project could be on tap for Coral Gables, which already is experiencing major redevelopment.
Ubiica and Maven Real Estate completed their development site assemblage for the planned apartments. They bought the office building at 152 Almeria Avenue for $4.1 million, according to a press release.
In 2019, the duo bought two lots at 130 and 160 Almeria Avenue, which are adjacent to the recently acquired property and are part of the development site. They also bought an office building at 2701 Ponce de Leon Boulevard and parking lot at 103 Sevilla Avenue, all for a combined $11.6 million.
Miami-based Ubiica and Coral Gables-based Maven Real Estate want to build an apartment building on their half-acre Almeria Avenue assemblage after they demolish the office property at 152 Almeria, according to Alejandro Salazar, Ubiica’s manager.
The developers are hammering out the project’s height and number of units, and have not yet submitted an application to the city, Salazar said. The site allows for a seven- to eight-story building, and commission approval is required for anything higher.
The recently acquired two-story office building at 152 Almeria will be demolished once the leases run out in about a year, Salazar said. The office space is fully leased, with tenants including a pediatrician’s office. The ground-floor retail space has one vacancy.
“We believe in this neighborhood and feel that it will continue to grow, and [we] are super content with its walkability and potential for a luxury building,” Salazar said.
Ubiica, which also is led by Rodrigo Gana, and Maven, led by Jose Ortega and Marc Schwarzberg, are renovating the building at 2701 Ponce and have it listed for sale, with an asking price of $13 million. It’s 80 percent occupied.
They have no immediate plans for the parking lot at 103 Sevilla, as any redevelopment will require zoning approval.
A block south of the Ubiica-Maven development site, Agave Holdings is building The Plaza, a 2.25 million-square-foot mega-project. It will have a 242-key hotel, 174 apartments and 161,000 square feet of retail.
Also in Coral Gables, Codina Partners, led by Armando Codina, wants to build a luxury apartment tower on a city block between Valencia and Almeria avenues, west of Salzedo Street. Codina Partners bought the site in April for $13.2 million.