Location Ventures closes on $36M Coral Gables development site

Rishi Kapoor closed on a $35.6 million Coral Gables development site, after securing city approval to build a 16-story mixed-use condominium project.

Kapoor’s Location Ventures bought 1.6 acres on the southeast corner of Ponce De Leon Boulevard and Menores Avenue from the Hollo family’s Florida East Coast Realty, according to records. The properties are at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue.

The deal marks another step forward for the project, dubbed 1505 Ponce, planned for 80 condos, seven live-work units, retail space, a dog park and a linear park facing Ponce De Leon Boulevard, city records show. Hamed Rodriguez Architects designed 1505 Ponce.

City commissioners greenlit the project in July.

Coral Gables-based Location Ventures also can increase the project’s floor area ratio by 25 percent, after commissioners approved in October the transfer of development rights to 1505 Ponce. In total, 59,400 square feet of TDRs were allotted to the project from four historically designated buildings in Coral Gables, according to city records.

This isn’t Location Ventures’ first project in Coral Gables. In July, it completed Villa Valencia, a 13-story luxury condo building with 39 units at 501 to 525 Valencia Avenue. At the time, 95 percent of the condos were sold, with $100 million in closings.

In August, Location sold all 24 units at the five-story Orduna Court, a co-living condominium that targets University of Miami students, for a combined $14.7 million. Location had purchased Orduna, at 800 South Dixie Highway, by buying the individual units in 2017 and 2018 for a combined $7.9 million.

Kapoor also has set his sights elsewhere in South Florida. His firm recently started construction of its Urbin project at 1260 Washington Avenue in Miami Beach. The building will have 20,000 square feet of coworking space and 69 condos, all sold out.

In Fort Lauderdale, Location launched condo sales in October at the city’s first Edition-branded project. Edition Residences will consist of a pair of 11-story buildings with 65 units combined at 551 Bayshore Drive.

Coral Gables, unofficially dubbed the “City Beautiful” for its lush canopies and Mediterranean Revival-style buildings, is experiencing new development.

Armando Codina’s Codina Partners plan an 18-story Regency Residences condo project with 174 units roughly between Valencia and Almeria avenues, just east of Salzedo Street, according to city records.

Also, Stephen Bittel’s Terranova Corporation wants to build a four-story retail-and-office project on the site of a former pharmacy at 93 Miracle Mile in downtown Coral Gables.

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