The Calta Group scored a $30 million construction loan for its planned Via Veneto townhomes in Coral Gables.
The Coral Gables-based developer, led by brothers Ignazio and Gaetano Caltagirone, secured financing for the 10-unit project from Banesco USA, according to a press release. Construction for Via Veneto, planned for the site at 915 and 920 Palermo Avenue, is slated to begin this spring, the release shows.
Calta bought the site for $12 million in 2023. After reducing Via Veneto from 12 units to 10, Calta launched sales for the planned townhomes last year with Judy and Nathan Zeder of the Jills Zeder Group at Coldwell Banker Realty. The project is 30 percent presold, and construction is expected to be completed in 2026, according to a spokesperson.
Units will span 5,500 square feet, with four bedrooms, four bathrooms, one half-bathroom and include private terraces, according to the release. Prices now start at $5.7 million. The design team includes architect Nelson de Leon and interiors firm Sensi Casa.
Coral Gables’ luxury real estate market has boomed in recent years, fueled by inward migration to South Florida and wealthy newcomers who want proximity to the enclave’s coveted schools, agents say.
Beyond Coral Gables, the Caltagirones have hundreds of units in the pipeline. In 2023, the brothers spent $47.2 million on an assemblage in Miami’s Allapattah neighborhood, where they plan to build a mixed-use project that will include workforce housing. In April of last year, they also landed a $60 million construction loan to build a 180-unit apartment building in Hollywood, marking their first multifamily project.