South Florida
TA Builders plans 126 apartments in two Coral Gables projects
Firm wants to develop a pair of nine-story buildings, one along Santillane Avenue and another on Ponce de Leon Boulevard
TA Builders’ Luis Arevalo with rendering of 1008 East Ponce de Leon Boulevard (TA Builders, Bellin Pratt & Fuentes Architects)
Apr 4, 2023, 1:30 PM
TA Builders plans a pair of multifamily projects with a combined 126 units in Coral Gables, marking the developer’s continued bet on the city’s residential market.
First on tap will be a nine-story building with 69 units at 211 Santillane Avenue, followed by another nine-story building with 57 units at 1008 East Ponce de Leon Boulevard, TA co-owner
Luis Arevalo told The Real Deal. Both projects will have studios, as well as one-bedroom and two-bedroom apartments. The Santillane Avenue project also will have a 24-hour convenience store.
TA expects to start construction of the Santillane Avenue building in late fall, and begin building the Ponce de Leon Boulevard building in the summer of next year, Arevalo said.
An entity tied to David Torres, who co-founded TA with Arevalo, paid $2.8 million for the half-acre Ponce de Leon Boulevard site in 2016, according to records. The property now has a two-story apartment building with 16 units constructed in 1949.
A TA affiliate bought the 0.7-acre vacant Santillane Avenue site in 2017 for $3.8 million, records show.
The Coral Gables-based firm, founded in 2003, is fresh off scoring an $18 million construction loan and starting work on another multifamily project in Coral Gables, TA is demolishing existing buildings at 701 and 711 Valencia Avenue to make way for a seven-story, 25-unit luxury apartment building.
Its completed projects in the “City Beautiful,” a common reference for Coral Gables, include the 32-unit Biltmore Parc condominium at 718 Valencia Avenue, in partnership with developer Alirio Torrealba and United Developers Miami.
TA’s more recent heightened wager on Coral Gables comes as the city has been undergoing a redevelopment wave.
A block east of TA’s 701 and 711 Valencia project, Rishi Kapoor’s Location Ventures’ completed the 13-story, 39-unit Villa Valencia condominium at 501 to 525 Valencia Avenue.
In one of the biggest projects to rise in the Gables in recent years, Nolan Reynolds International completed the 1.4 million-square-foot, 14-story Life Time-branded mixed-use development at 237 South Dixie Highway in 2021. It includes 495 apartments, an 80,000-square-foot athletic club, 25,000 square feet of coworking space and a Trader Joe’s grocery anchor. Last year, Hines paid $430 million for the development.
