Developer Rishi Kapoor’s Location Ventures completed Villa Valencia, a luxury Coral Gables condo project that’s been four years in the making.
Villa Valencia, a 13-story, 39-unit building at 501 to 525 Valencia Avenue is 95 percent sold with $100 million in closings so far. Three units are left, including a $14.9 million penthouse and two units averaging about $4 million, one of which is currently in contract. One Sotheby’s International Realty, led by president Daniel de la Vega, led sales and marketing for the development.
The project’s sales averaged $1,100 per square foot, a record for that neighborhood, Kapoor, founder and CEO of Location Ventures, said.
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The majority of buyers are local, from Coral Gables, Key Biscayne and Miami Beach, Kapoor said. About 20 percent of the buyers came from New York, California and Illinois, and about 5 percent from Latin America.
Kapoor acknowledged the project faced labor shortages and delays exacerbated by the pandemic, but he said that locking in construction costs prior to the pandemic helped him control costs.
The developer paid $16 million for the site in 2018 and launched sales of Villa Valencia the following year.
Earlier this week, the Coral Gables City Commission passed on first reading Location Ventures’ plans for a second, larger condo project at 1505 Ponce de Leon Boulevard. An affiliate of Tibor Hollo’s Florida East Coast Realty is in contract to sell the site to Location Ventures, which plans a 16-story, 87-unit condo building.
Existing condo sales in Coral Gables grew 107 percent in the first quarter, according to Douglas Elliman’s reports. Developers have launched a number of condo projects across South Florida over the past year and many have reported strong presales, though that appears to be slowing now.