Danny's Blog

Coral Gables Will Receive Its Biggest Development Yet

Friday, April 03, 2015
Tags:   Miami Beach Listings, miami beach communities

Coral Gables is one of Miami-Dade County’s oldest and most beloved communities. Known for its stunning Mediterranean architecture and regal ambiance, its appeal has long been in its rich history and venerable real estate.

Now the aptly-nicknamed City Beautiful will get its biggest addition to its prize real estate in its long history: The Mediterranean Village, a $500 million mixed-use project by Agave Ponce, LLC that will include an upscale hotel, 214 condo units, 15 townhomes, 300,000 square feet of office space, several retail and restaurant outlets, and a gym.

As The Miami Herald reported yesterday, the city commissioners have granted the ambitious project preliminary approval, following several refinements that include a reduction in square footage, scrapping the originally proposed theater and residential tower, and a requirement that all buildings meet LEED requirements.

As to be expected given the scale of this project, there has been quite a lot controversy among public officials and the general public, not least of which would be the needed expansion of infrastructure and public service to accommodate the increase traffic and residential population.

For its part, the developer will be contributing around $37 million in neighborhood improvements, street upgrades, and other necessary additions. These will include purchasing and subsidizing the city’s iconic trolleys.

After three years of negotiating with Gables officials, Agave Ponce will no doubt want to see this major development through. Whatever one’s thoughts on this project, its scope and the lively civic debate it has spurred speak to the vibrancy of Miami real estate?

For information on Miami Beach Listings and Miami Beach Communities, contact the award-winning Danny Hertzberg 305-505-1950

 
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