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BY Michael Light / On May 28, 2014
Coral Gables Publix Residential Tower Rendering

Proposed 18-story Publix/Residential Tower in Coral Gables, FL

Publix has submitted its plans to the City of Coral Gables’ Development Review Committee to build a modern 57,000 square foot store on LeJeune Road in conjunction with an 18-story residential building consisting of 282 units, dubbed the Miracle Residences, which would front Salzedo Street. The proposed 57,000 square foot store would replace the now 43,000 square foot store located at 2551 LeJeune Road in Coral Gables. The residential units would be added in addition to a 793-space parking garage.

This $77.5 Million, 452,038 square foot project would be constructed on a 3-acre site and would include more than 38,000 square feet of landscaped open area and pedestrian amenities such as benches and expanded sidewalks.

Why is this a good idea….mixed-use projects are really trending throughout Miami because of the dramatic increase in the Miami real estate market. Although Publix generally acquires shopping centers and leases retail spaces to tenants, Publix is now taking advantage of the hot residential Miami real estate market, and that’s smart, especially in the affluent area of Coral Gables.

According to Miami Today, Mayor Jim Cason stated that this new commercial development project is “proof positive that Coral Gables remains on the move.” In addition, in a May 8, 2014 letter, attorney Javier Fernandez of Akerman LLP, stated that this new project will be an enhancement to the entire property which is “consistent with the current trajectory of downtown Coral Gables as an increasingly urban, mixed-use district.”

The City of Coral Gables’ Development Review Committee is scheduled to review Publix’ plans on May 30, 2014.

The developer of this Publix/18-story residential project will be Fort Lauderdale-based developer, Stiles, Inc., who has teamed up with Publix on other projects. The architectural firm to be used for this new Coral Gables project will be Miami-based Wolfberg Alvarez & Partners.

Please let Miami Luxury Homes know what you think about this new Coral Gables project!

If you, or someone you know, are looking to buy or sell real estate in Coral Gables or simply have a question about today’s Coral Gables real estate market, please contact Michael Light of Miami Luxury Homes. You can reach me directly at my office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.

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