The biggest project to ever be approved in Coral Gables now has a modified design and a new name!
Formerly dubbed ‘The Mediterranean Village,’ the new mixed-use project soon to be located at Ponce Circle is now called ‘The Plaza Coral Gables,’ and many city leaders are hoping that this mega-plaza will become a true landmark in the City Beautiful.
Although the project was approved almost 2 years ago, the developer, Agave Ponce, has made some major modifications to the plans including reducing the maximum height of the project and reducing the retail square footage. The new design reduced the maximum height from 218 feet to 190 feet and chopped the retail square footage in almost half from 265,000 square feet to approximately 137,000 square feet. The latest plans also made a huge change not only removing the proposed underground parking, but also switching from 214 condo units to 136 apartment units, making the development a rental building versus selling condos to individual owners. But, on a positive note, these changes also mean less construction time for the overall project, reducing the construction time by at least 8 months.
Despite the modifications, The Plaza Coral Gables will still include a high-end hotel, retail space just south of Miracle Mile, restaurants and office space.
The new plans were presented and approved by the City Commission at the end of March, and the developer expects to break ground on the vast development late this year (2017) or early 2018 with an estimated completion date between 2020-2021, according to the Miami Herald.
If you, or someone you know, are interested in learning more about the real estate market in Coral Gables, please contact Michael Light, Founder/Owner of the Miami Luxury Homes Group at Douglas Elliman Real Estate. You may reach Michael at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.