Approval Received for 87 Condo Tower in Coral Gables
A 16-story condo development by Location Ventures has officially been given the green light by the Coral Gables City Commission this past Monday.
Location Ventures plans to construct an 87 condo tower on a 1.6-acre plot at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue. According to the meeting, the project would cost over $350 million and with only 87 condo units, the average price per unit would be north of $4 million.
The new condo would have 319 parking spaces, 10,500 square feet of retail space, and 87 homes in its almost 500,000 square feet. The fourth story would have an amenities deck. A full board room for private meetings, as well as a spa with a steam room and sauna, were among the features listed by Kapoor. Along Mendoza Avenue, there would also be a public dog park located outside the building.
The majority of the condos would have three or four bedrooms, with a few one- and two-bedroom apartments. According to Kapoor, prices would start in the mid $1 million level or roughly $1,000 per square foot.
The site is mostly unoccupied, however, there is a 1925 structure that is 5,736 square feet in size which Location Ventures consented to refurbish and restore that structure so that it might house restaurants.
The owner of Location Ventures, Rishi Kapoor, plans to partner with a high-end luxury brand to market and design the property but no luxury brand has been named in the agreement documents.
Location Ventures anticipates starting construction in late 2023 and starting sales this fall.
Award Winning and “America’s Favorite Chef” Thomas Keller is Opening a New Bistro in Coral Gables.
Bouchon Bistro, the acclaimed French restaurant owned by Chef Thomas Keller, will debut in Coral Gables in the early months of 2023, according to the chef and his staff. Along with his upscale American eatery the Surf Club Restaurant in Surfside, it will be his second restaurant in Miami.
The French Laundry, Per Se, and the freshly starred Surf Club Restaurant are all three-star Michelin restaurants owned by the renowned chef. Chef de cuisine Thomas Castellon, a former employee of Keller’s the Surf Club Restaurant and TAK Room, will take over the kitchen at Buchon’s Miami branch.
Similar to the menus at the Bouchon restaurants in Yountville and Las Vegas, the menu in Miami will feature seasonal French cuisine in addition to traditional selections like steak frites, roast chicken, mussels, and escargot.
Around 160 people will be able to dine at Bouchon Coral Gables, which also has 30 outside seats and a separate private dining area. Longtime Bouchon colleague Adam D. Tihany of Tihany Design in New York City, who created both Bouchon locations, will design the area.
The restaurant will open in the La Palma building, a historic Mediterranean-style structure constructed in 1924 and listed on the National Register of Historic Places, at 2101 Galiano Street in Coral Gables. The building was originally designed by architect H. George Fink.
According to Keller, “Since opening the Surf Club Restaurant four years ago, it has been a great privilege to re-establish relationships in South Florida. We were enamored with the rich history of the La Palma building and Coral Gables neighborhood and we look forward to introducing our classic French bistro to the community.”
Villa Valencia Condos in Coral Gables has Officially Completed Construction and Sells Out at 95%
Four years in the process, the Villa Valencia luxury condo development by Rishi Kapoor’s Location Ventures has officially completed construction.
With $100 million in closings so far, Villa Valencia, a 13-story, 39-unit project at 501 to 525 Valencia Avenue in Coral Gables, is 95% sold out. There are only three units available, one of which is under contract, a $14.9 million penthouse, and two others with an average price of $4 million each.
According to Kapoor, founder and CEO of Location Ventures, the project’s sales averaged $1,100 per square foot, setting a record for that neighborhood.
According to Kapoor, the majority of the buyers are locals from Miami Beach, Key Biscayne, and Coral Gables. In addition, 20% were from New York, 5% from California, and 4% from Illinois, with 2% from Latin America.
The plot was purchased by the developer for $16 million in 2018, and sales of Villa Valencia began the following year.
Kapoor recognized that labor shortages and delays on the project were made worse by the pandemic, but he claimed that setting building cost locks before the pandemic helped him keep costs under control.
Residences
Private foyer with elevator entry
10-foot ceilings in living spaces
10-foot exterior sliding doors
8-foot European wood interior doors with concealed hinges
Exquisite porcelain floors
Custom finished closets
Most residences have outdoor terraces with summer kitchens
Master bedroom suite with spacious bathroom and separate vanity area
Two assigned parking spaces per residence
EV-ready parking spaces available
Amenities
Entertainment space with billiards and golf simulator
Cucina featuring kitchen and full bar for entertaining that opens to the pool deck
Library with outdoor terrace overlooking the park
Grand building entrance with lobby lounge
Covered garden and valet waiting area
Tea room with kitchen and bar for entertaining
Executive room with video conferencing
10,000 SF onsite park and garden with shade trees
Dog park and dog run
High-Speed WIFI in all Common Areas
Bike Racks
Pool Deck featuring two summer kitchens, spacious sunbed relaxation areas
78-foot resort-style pool with lap lane and waterfall
State-of-the-art fitness facility with yoga, Pilates and weight training area
Spa and wellness center with treatment room, hammam / steam room, his-and-her sauna, and hydrotherapy plunge pools
The Coral Gables City Commission approved Location Ventures’ proposals earlier this week for a second, bigger condo development at 1505 Ponce de Leon Boulevard. The site will be sold by a Florida East Coast Realty subsidiary to Location Ventures, which has plans to construct a 16-story, 87-unit condo structure.
Location Ventures Proposes a 16 Story Condo Tower in Coral Gables
Coral Gables’ continued growth is being hinted at by Rishi Kapoor’s, Location Ventures’ proposal for a 16-story condominium. According to documents submitted to Coral Gables, Location Ventures plans to construct an 87 condo tower on a 1.6-acre plot at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue.
According to the minutes of the June meeting of the Coral Gables Planning & Zoning Board, the developer has a contract with the seller, who is a partner of Tibor Hollo’s Florida East Coast Realty, to purchase the land.
At its meeting on Tuesday, the municipal commission is anticipated to vote on the request. In the event that the proposal is authorized, commissioners will vote on it a second time at the next meeting.
According to documents, Coral Gables-based Location Ventures intends for seven of the units to be live-work condos on the lower levels of the structure and the other 80 would be located on the upper levels. A 319-car garage, 10,500 square feet of retail space, 20,144 square feet of open space, and a public dog park would also be included in the project.
According to property records, the site is mostly empty save from a two-story, eight-unit apartment structure. According to the minutes of the planning & zoning board meeting, the historic structure, built in 1925, will be maintained and integrated into the project, maybe as retail space.
The finished 13-story, 39-unit Villa Valencia condominium at 515 Valencia Avenue is one of the company’s developments in Coral Gables. In 2018, Location Ventures had invested $16 million in the property.
The business spent $20 million buying a pair of commercial structures in Miami Beach at 1260 and 1234 Washington Avenue last year. Under Location Ventures’ Urban co-living brand, the 1260 Washington Avenue property will be refurbished, while the 1234 Washington Avenue building will be rehabilitated.
John Ruiz Plans to Build a University of Miami Stadium at Tropical Park in Miami-Dade
The University of Miami Hurricanes have been without a stadium since 2008 and have been traveling to the Hard Rock Stadium in Miami Gardens in Coral Gables for all of their home games. It’s been such a struggle for fans and students alike that a University of Miami alumni has taken it upon himself to remedy the situation.
John H. Ruiz, billionaire attorney and founder of MSP Recovery recently announced the plans to build a new stadium located at the Coral Gables High School. According to local officials, Ruiz did not consult with Miami-Dade County Public Schools or the City of Coral Gables on the plan.
Miami-Dade County Public Schools still owns the property where the proposed stadium would be built. Once his plans were denied, Ruiz then announced a new spot of the Miami Hurricane’s stadium, Tropical Park in Westchester. According to Ruiz, “It’s gonna be at 4 Tropical Park — there are about 270 acres there. The design is over the top, it’s gorgeous, I’ve seen it already a couple of times.”
The design for the stadium includes 65,000 seats with space for graduate-level classrooms and extreme water fixtures throughout the property. The architect behind the plans includes HKS Architects.
Tropical Park is publicly owned land by Miami-Dade County. Ruiz doesn’t appear concerned about speaking with Miami-Dade County, “We’re gonna present the plans to the county, but the county is less important in my opinion because it has to go out to a vote to the constituents as a referendum. Obviously, we’re going to talk to the commissioners and the mayor, but ultimately it goes out to a vote to the general public.”
This isn’t the first sports venture that Ruiz has been a part of. In 2011, he leased a 90-acre baseball development at the City of Homestead. The city later filed a lawsuit to evict him from the development 2 years later after he didn’t pay the utilities, insurance, and taxes on the property.
A private-sector attorney, Jose Sanchez-Gronlier stated that he didn’t want one of the last green areas in Miami-Dade County to be demolished for a stadium. It is unclear how residents and local representatives will respond to the new development. Ruiz will meet with the county to present the Tropical Park stadium idea to the county next week.
Miami Heat Player PJ Tucker Rents $22,000 Waterfront Home in Coral Gables
Anthony Leon “P. J.” Tucker Jr., NBA Star Forward for the Miami Heat recently rented a waterfront property located in Coral Gables.
The rental located at 25 Arvida Parkway, was last listed for $22,000 monthly. The waterfront home is located in the gated community of Gables Estates that sides to Biscayne Bay.
The property was built in 1968 and sits on 0.68 acres with 100 feet of Biscayne Bay water frontage. The open concept mid-century home features 7,343 square feet of living space with 5 bedrooms and 4.5 bathrooms. Marble floors span throughout opening to floor-to-ceiling windows.
What makes this home so spectacular is the 2 grand living rooms, a formal dining room, and the spacious chef’s kitchen. The home also features a 3 car garage, a deck, pool, dock with a boat lift. The seawall has also been recently replaced. According to the listing, there is an application fee of $35,000 as well as acceptance by the community club.
The estimated worth of the home is listed at $30 million.
Tucker began playing ball in college for the Texas Longhorns. Some major accomplishments include his 2008 Israeli Basketball Premier League MVP and his Israeli Super League. This year, Tucker also won an NBA Championship with the Milwaukee Bucks.
Other notables that reside in the community include rapper and songwriter, Pharrell, healthcare billionaire, Mike Fernandez, and another Miami Heat Player, Alonzo Mourning.
New 18-Story Residential Tower Proposed in Coral Gables
The brains behind the development, Armando Codina, said the concept behind this newly proposed tower came to him because he has been wanting to downsize while continuing to live in a high-end luxury apartment without a homeowner’s association.
Codina, Chairman for Codina Partners states that this new development will provide all of the comforts and high-end amenities as the big house he grew up in with his family.
He now seeks approval for this new development concept for the tower Regency Residences. Once complete, he plans on living in the penthouse.
The proposed site for Regency Residences is a 1.75-acre site located at 2601 Salzedo Street in Coral Gables. The property was involved in a land swap with an automotive dealership in April. According to the records, the property was acquired by an affiliate of Codina Partners in Coral Gables, C/LeJeune LLC.
The proposed tower is projected to rise 18 stories tall with 329,197 interior square feet. Included in the square feet is a 4,050 square foot restaurant, 389 parking spaces, and `176 residential units. According to Codina, the residential units may be more or less, depending on demand and floor plans. These units will be referred to as “sky homes.”
Codina originally planned for three condos on the four floors under his penthouse. His most recent statement included Codina possibly leasing each of the floors separately, which equates to 10,000 to 12,000 square feet.
Smaller units will feature 1,500 to 3,000 square feet with 2 to 4 bedroom options. Smaller apartments will be available for building staff.
According to Condina, there will be no short-term leases. Larger apartments will be leased annually or on a multi-annual basis. Long-term tenants who secure a unit early will have input in the design of the units.
Coral Gables Development Review Committee will meet on October 5th to review and consider plans for Regency Tower. Once approved, the start date for the project is expected to begin in early 2022.
President of a Wealth Management Firm Buys Waterfront Mansion in Coral Gables for $14.6 Million
Miguel Duenas, President and Chief Investment Officer for Dimension Capital Management (Coral Gables based wealth management firm), just purchased a waterfront mansion in the Old Cutler Bay community for $14.6 million.
Miguel and his wife purchased the home located at 9385 Balada Street, Coral Gables from Jose I. and Elizabeth J. Garcia. The Garcias originally purchased the estate in 2018 for $7 million.
The home was built in 2007, featuring 6 bedrooms, 7.5 bathrooms with 8,245 square feet of living space. The lovely estate sits on 0.7 acres with 364 feet of water frontage. The home is equipped with everything you could possibly need and want in a luxury home; full-gym, elevator, infinity pool and boat dock.
The gorgeous home is completely refined with custom cabinetry, granite countertops, and high-end stainless steel appliances. Multiple covered terraces grace the exterior overlooking the unobstructed bay. One of the best features of this property is that there are no bridges to hinder direct access to Biscayne Bay.
This subdivision located in Coral Gables is known for its privacy and architecturally designed waterfront estates. Upon entering the gated-community, you are greeting with gorgeous tree-lined streets leading to the immaculate and custom estates. You will truly have a neighborhood feel in the middle of a big city.
Neighborhood Amenities:
5+ miles of walking and biking trails
24 hour guard gate with security
24 hour roving patrol security
Direct access to the Atlantic Ocean
Wide canals for boating
Old Cutler Bay is located one block south of Kendal Drive and just a few minutes from Matheson Hammock Park & Marina and Fairchild Tropical Gardens. This neighborhood also places you 30 minutes away from Miami International Airport as well as downtown Miami.
Recent sales in Old Cutler Bay include the founder of TechCrunch, who purchased a waterfront mansion for $16 million in May.
Latin Singer and Songwriter-Marc Anthony Sells Coral Gables Mansion for $22.4 Million
Three-time Grammy Award Winner and Jennifer Lopez’s ex-husband, Marc Anthony has sold his Coral Gables, Florida mansion! The expansive 12 bedroom estate sold for $22.4 million on May 18, 2021. The ‘Barcadi-developed’ mansion is located at 300 Costanera Road in Cocoplum with 21,000 square feet of expansive living space.
The estate is set on a 1.3-acre corner parcel with 480 feet of water frontage. It was originally designed by Rafael Portuondo. The great, great grandaughter of Barcadi Founder, Hilda Maria Bacardi, sold the estate to Anthony in 2018. The original construction took eight years to complete and Bacardi oversaw the entire process.
The three-story mansion was originally listed in 2014 before construction was even completed. The original price was $18 million. The sellers increased the price to $27 million in 2016, which was the year the construction was completed.
The gorgeous estate features an expansive wine cellar, swimming pool, staff quarters, 3 kitchens, and direct access to Biscayne Bay. The new buyer has not yet been listed in the tax records.
Marc Anthony also referred to as Marco Antonio Muñiz, is a singer, songwriter, actor-producer, and philanthropist. He is also the top-selling salsa artist of all time and holds a Guinness World Record for best-selling tropical/salsa artist. He has also received 6 Latin Grammy Awards and is also the recipient of the 2009 Congressional Hispanic Caucus Institute Lifetime Achievement Award.
Did Derek Jeter Purchase a $16.6 Million Lot in Coral Gables?
Baseball Hall of Famer and Miami Marlins CEO, Derek Jeter may have purchased a waterfront lot in Coral Gables, Florida.
According to a recent article published by the Florida Business Journal, a Detroit P.O. Box that Jeter has used in the past, was listed on the deed that purchased a 1.91 acre vacant lot at 625 Leucadendra Drive for $16.6 million.
The lot features 325 feet of waterfront with a dock and was last purchased at $13.95 million. According to the MLS, the property has the ability to build a 20,000 square foot residential home.
The P.O. Box that was used in the purchase was the same as the one that was listed when Jeter sold his mansion in Tampa in 2020. Jeter sold the 1.2 acre property at 59 Bahama Circle for a cool $29 million; which featured 22,000 square feet of living space, 7 bedrooms, 16 bathrooms, 6 car garage, and pool with spa.
Jeter moved to South Florida after purchasing the Marlins in 2017 for $1.2 billion. Jeter currently resides at the Ritz Carlton Residences in Miami Beach.
