Among them: streetscape improvements, new
hotels, retail, office and resi
Public art, pedestrian-friendly
developments, and a booming commercial sector are all part of the future
of Coral Gables, commercial real estate experts discussed at a panel on
Wednesday.
Paseo de la Riviera is among the new projects.
The planned, mixed-use development will replace an existing Holiday Inn with a
open-air “paseo,” hotel and residential tower, said developer Brent Reynolds,
president and managing partner of NP International.
“We felt the U.S. 1 corridor was the right
location,” said Reynolds, one of the panelists at a CREW-Miami
luncheon at the Four Seasons Hotel Miami on Brickell.
The 2.66-acre project, located at 1350 South
Dixie Highway, will activate that corner of U.S. 1 and Caballero with
transit-oriented development, which includes green space the 0.5-acre Paseo
will provide. It will be across the street from the planned Underline linear park, which runs underneath the Metrorail, as
well as the University of Miami.
The paseo, or walkway, will span 352 feet in
length and 72 feet in width. A 10-story, 252-key hotel and an eight-story,
224-unit residential building with 838 parking spaces will replace the 155-room
Holiday Inn.
“There really is no amenity space like this in
the south Gables,” Reynolds said during the event.
The developer plans to complete the approval
process with the city in October and begin construction next year. Coral Gables
architect Jorge L. Hernandez and international firm Gensler are designing the
project.
Also among new developments redefining the
Gables is Mediterranean Village at Ponce Circle.
The 6.7-acre, mixed-use
complex, developed by Agave Ponce, will include a five-star,
184-key hotel; a 300,000-square-foot Class A office building; 300,000 square
feet of retail; two condo towers; 15 townhomes; a rooftop restaurant; and
parks. Panelist Eddie Avila, president of Key Realty Advisors Development, said
the $500 million project will span three full blocks and keep all streets open.
It will also feature an underground loading
zone, keeping most of the street parking. To maintain the pedestrian-friendly
design, the developers have decided to move the hotel entrance to inside the
complex. The developer will spend an additional $7.8 million for public
spaces including art, Avila said during the panel.
The city is also investing in
pedestrian-friendly and green spaces.
Downtown Coral Gables by the numbers
Marina Foglia, a panelist and executive
director of the Coral Gables Business Improvement District, has led the $20
million Miracle Mile and Giralda Avenue streetscape project. Foglia also
advocates for the overlay district, which will “change the coding to activate
downtown Coral Gables,” she said.
Funding for the $20 million streetscape improvements was approved back in
August 2014: 50 percent will come from the city of Coral Gables and the
other half from the independent BID property owners. The Gables BID is fully
funded by its members, Foglia said.
Cooper, Robertson & Partners designed
plans for the project, which calls for more green spaces and improved
pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block
parks and plazas. Parking on the street will be entirely parallel, doing away
with the 45-degree angled spots for more sidewalk space. Giralda Avenue will
become curbless, with the option of closing the road off to vehicles for
special events.
Next, Coral Gables will hold a design workshop
on Aug. 27. The streetscape project will break ground in January, Foglia
said.
Panelist Jane Tompkins, development services
director for the city of Coral Gables, named other new projects that are under
construction, including the Aloft Hotel at 2524 LeJeune Road; 2020 Salzedo, a residential project; and the University
of Miami Health Center. More have been approved, including 4311 Ponce de Leon
and 1200 Ponce de Leon.
“We have a lot going on,” Tompkins said. “We
have several projects under way.”
Original content from
The Real Deal
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