Ugo Colombo’s The Collection nabs $65M construction loan for second Coral Gables dealership

Ugo Colombo’s The Collection luxury dealership scored a $64.5 million construction loan for a second Coral Gables location.

The Collection, led by Colombo and president and CEO Ken Gorin, is building the Jaguar and Land Rover dealership on about 2 acres at 125, 155 and 163 South Dixie Highway. JP Morgan Chase Bank is the lender, records show.

Jaguar sales will be transferred to the new location from The Collection’s headquarters at 200 Bird Road, while Land Rover is a new addition to the firm’s offerings, Gorin said.

The 500,000-square-foot project is about 40 percent underway and is expected to be completed in late spring of next year, Gorin said.

In addition to Jaguar, The Collection’s headquarters now carries Audi, Porsche, Ferrari, Maserati, McLaren, Aston Martin and Alfa Romeo, according to the dealership’s website. It also has a Ferrari Of Miami location at 1550 Biscayne Road in Miami.

In another dealership expansion in Coral Gables, Mercedes-Benz of Coral Gables plans to renovate the former city police building at 2801 Salzedo Street and use it as a showroom and storage. The dealership bought the property from the city for $16.7 million in April.

Across South Florida, several dealerships have traded this year. Auto mogul Michael Maroone bought the Roger Dean Chevy dealership in West Palm Beach from Roger Dean Chevrolet for $12.5 million in March.

In Lake Worth Beach, two entities managed by Ali Ahmed bought the Wayne Akers Ford properties and Wayne Akers Truck Rentals for $20.7 million in February.