Constellation, Boschetti land $33M construction loan for Coral Gables mixed-use project
JV plans eight-story building with 70K sf of office, 6K sf of ground-floor retail and 7K sf rooftop restaurant
Constellation Group and the Boschetti Group snagged a $33 million construction loan for a mixed-use project in Coral Gables.
Miami-based Banesco USA and Spain-based Abanca provided the financing for the joint venture’s planned development at 4225 and 4311 Ponce de Leon Boulevard, according to a press release. Miami-based Constellation and South Miami-based Boschetti are planning an eight-story building with 70,000 square feet of office space, 5,900 square feet of retail on the ground floor and 7,000 square feet for a rooftop food and beverage venue.
Last year, a Constellation affiliate paid $10 million for the two-property assemblage. This month, the joint venture obtained permits to begin demolition of two single-story office buildings on the Coral Gables site that were completed in 1947 and 1956, records show.
The new project is being designed by Miami-based Arquitectonica, the release states. Constellation and Boshetti plan to break ground soon and are targeting a 2025 completion date.
Constellation is led by managing principal, Eduardo Otaola. Boschetti is led by managing member Jose Boschetti, Sr.
Both firms are co-developing other projects in Miami-Dade County.
In March, the Miami Beach Design Review Board approved the joint venture’s planned nine-story mixed-use project in the city’s North Beach neighborhood. Also designed by Arquitectonica, the unnamed development will entail 96 apartments on top of two levels of parking and ground-floor retail. The project will offer a mix of one- and two-bedroom units, including 20 co-living apartments.
The joint venture, which also includes partner Vietmar, a Miami-based real estate investment firm led by Rainer Viete, paid $5.5 million for the redevelopment site at 6940 Abbott Avenue.
Last year, Constellation and Boschetti submitted a site plan with the city of Coral Gables for a 15-story mixed-use project near the Shops at Merrick Park. The joint venture again tapped Arquitectonica to design the planned building, which will include 70 apartments, 20,000 square feet of office space, 10,000 square feet of retail and a 5,000-square-foot park.
A Boschetti affiliate acquired the 0.7-acre site at 4241 Aurora Street for $6.1 million in January of last year.