As Miami-Dade County’s condo market shows signs of slowing due in part to a stronger dollar, an out-of-state developer envisions a pair of new condo towers with more than 550 units combined as a key component for a proposed $160 million mixed-use project in Coral Gables.
The latest condo project proposed for the Coral Gables area — a wealthy suburb of local residents and foreign investors — is the Gables Station complex slated to be developed on a 4.3-acre site located on the north side of the 200 block of South Dixie Highway near the upscale Shops At Merrick Park retail center, according to city of Coral Gables records.
“The applicant is proposing a mixed-use residential/hotel/retail project, which will be composed of three towers with a maximum height of 155 feet with about 168 hotel units totaling 111,583 square feet, 554 luxury condominium residences and 87,900 square feet of retail space,” according to the cover letter included with the developer’s application to the city of Coral Gables.
To build the project as proposed, the prospective developer — a “contract purchaser” based in Minnesota called NP International USA LLC with Charles D. Nolan and Brent Reynolds — is seeking a number of revisions to current land-use and zoning regulations, according to government records.
Currently, the owner of record of the proposed development site is a Coconut Grove-based corporation called Gables Station LLC with Jeffrey L. Berkowitz that had previously announced plans to build a retail-and-parking facility with 330,000 square feet after acquiring the land in 2005, according to government records.
With this newest project, the Coral Gables area now has 17 new condo buildings with nearly 1,400 units announced in South Florida since this current cycle began in 2011, according to the preconstruction condo projects website CraneSpotters.com as of Monday. (For disclosure, my firm operates the website.)
The total number of new Coral Gables units for this cycle would have been even higher if not for earlier decisions by unrelated developers to revise the original plans of the proposed Collection Residences project with 126 units and the Antilla Coral Gables project with 32 units.
To date, developers have revised plans to build nearly 20 new condo buildings with nearly 2,900 units since 2011. Most of the units in question were to be developed in Miami-Dade, according to the data.
Overall, South Florida developers have already completed 57 new condo buildings with more than 4,300 units in the coastal tri-county South Florida region of Miami-Dade, Broward and Palm Beach. An additional 129 new condo buildings with more than 12,900 units are currently under construction in South Florida.
A combined 233 new condo buildings with nearly 33,000 units — about 66 percent of the total tri-county pipeline — are currently in the planning or presale phase of development in South Florida.
In the Coral Gables market, no new condo buildings have been completed to date during this cycle.
A trio of new condo buildings with a combined 265 units are currently under construction in the Coral Gables market as of Monday.
An additional 14 new condo buildings — including the newly announced Gables Station project — with more than 1,120 units are currently in the planning and presale phase of development in Coral Gables, according to the data.
The combination of announced units that are in the planning or presale phase of development represent more than 80 percent of the total number of condos in the pipeline for the Coral Gables market during this cycle.
The Coral Gables market ranks as South Florida’s ninth most active preconstruction condo market based on announced units.
On the resale front, buyers acquired 275 condo units last year for an average of nearly 23 transactions monthly, according to data from the Southeast Florida MLXchange.
Based on the 2015 resale statistics, the Coral Gables condo resale market currently has about 6.7 months of supply of units available for purchase.
A balanced market is considered to have about six months of resale supply available for purchase. More months of condo resale supply suggests a buyer’s market, and less months indicates a seller’s market.
While the supply of condo units is encouraging, the average resale transaction price per square foot in Coral Gables was unchanged at $320 in 2015, just as it was in the previous year of 2014, according to the data.
Currently, the average asking price for a condo resale unit available for purchase is $431 per square foot, according to the data.
Vara Development presents, Antilla Coral Gables, a five-story boutique building featuring modern Mediterranean architecture and elegant, spacious units with wide balconies. This will become the newest condo to launch in Coral Gables, “The City Beautiful!”.
Location
Antilla Coral Gables, located at 20 Antilla Avenue, is ideally situated within minutes of Downtown Coral Gables. Renowned as Miami’s premier private neighborhood, Coral Gables is a city full of thriving businesses, excellent schools, restaurants, and galleries. Whether it’s taking in the shops and bistros of historic Miracle Mile, taking in a round of golf, or indulging in local treasures such as The Venetian Pool, Antilla makes the pleasures of Coral Gables yours.
Residences
Antilla Coral Gables is an elegant, upscale boutique condominium comprised of 32 spacious units with a mix of two bedroom, two bedroom plus den and three bedroom options. Residences will feature gourmet kitchens with quartz counter tops, ItalKraft cabinetry, Bosch and Whirlpool appliances. Each unit comes with spacious 9-foot deep balconies. Antilla Coral Gables is a pet friendly building and the “new” way to call Coral Gables home.
Building Features
Residence Features
Find your listing .. Visit Our Sites USA Lending And Realty .. and The World For Sale
Visit Our Site For “Your full service mortgage and loan pros” … USA Lending Inc
To Search in Arabic .. Please Visit Istithmar USA
To Search in Spanish … Please visit propiedad para laventa
Contact Emile Ur-cousin Farah
phone: (305) 754-1000
Email: farah@theworldforsale.net
For More information FOLLOW this steps :Investor-Commercial Users
Links For the world:
5 OF THE BEST LANDMARKS: BEIJING
List of tallest buildings in Beijing
Spanish Empire
The Rise of Russia and the ‘End of the World’
The formation of rises in Rio de Janeiro [Brazil]
beirutterraces
1338 Mina El Hosn
Pinwheel
land mark
3beirut
List of tallest buildings in Dubai_________________________________________________