Multiplan Real Estate Asset Management completed an assemblage for its first condo development in Coral Gables, The Real Deal has learned.
Brazilian billionaire Jose Isaac Peres’ firm, led by managing partner Marcelo Kingston, paid $17.8 million for the second half of the assemblage, an office building at 1501 Venera Avenue, Kingston told TRD. Mutiplan acquired the first piece, the vacant office building next door at 1500 Monza Avenue, from Baptist Health South Florida in October for $14 million.
The developer paid $31.8 million in total for the 1.4-acre site, which includes Park Place I and Park Place II office buildings. A company tied to the Rosen family sold the latest piece, property records show.
Kingston said the firm plans a luxury condo project on the site. The developer expects to submit plans for the project later this year, and could launch sales by the end of 2026, he said. The building would include a “high level of amenities and services.”
Multiplan expects to target local buyers downsizing from single-family homes in the area, including Cocoplum, Ponce-Davis and Gables Estates, Kingston added. Phil Gutman of Gutman Development Marketing leads Multiplan’s in-house sales team and will be advising the project, according to a press release.
The second office building, Park Place II, is fully occupied and will keep its tenants in place until the project moves forward. Combined, the two buildings include about 50,000 square feet of office space.
The Coral Gables assemblage is across the street from a city park and near a new Publix store that’s under construction. Also nearby, developer Edgardo Defortuna’s Fortune International Group plans to redevelop an aging residential and commercial complex in Coral Gables into a luxury condo project. The 4.8-acre property fronts the Gables Waterway and is immediately south of U.S. 1.
Multiplan’s completed projects include 57 Ocean and Il Villaggio in Miami Beach. The company is also working on the planned waterfront Ocean House condo building in Surfside. It launched sales, led by Gutman, in the fall.
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