Financing Secured and Ground Breaking Scheduled for the Village at Coral Gables
By the end of July, MG Developer is expected to break ground on the Village of Coral Gables, which will include a mix of for-sale villas, townhomes, lofts, and flats. MG Developer has also obtained a $67.5 million construction loan. The Miami-based developer, headed by CEO Alirio Torrealba, received the loan from Churchill Real Estate.
The Village at Coral Gables is situated at 535 Santander Avenue and spread across 17 lots, bounded by Malaga Avenue, Santander Avenue, Segovia Street, and Hernando Street.
The new images offer a sneak peek at a few of the excellent features that will honor the city’s legacy while providing for contemporary opulent conveniences. The large wellness clubhouse exudes a modern and tropical environment. It was created in the manner of the Mediterranean revival, and its color palette combines natural tones with lush green flora and subtle gold décor accents.
The exquisitely designed amenity spaces raise the bar for contemporary living in historic Coral Gables and were curated by MG Development in association with renowned architect De La Guardia Victoria Architects & Urbanists. Some amenities include like high-speed wi-fi and a large monitor screen to host virtual meetings and more. They also include a fitness wing, a luxurious plunge pool, a library, and a conference center.
The carefully chosen interiors draw inspiration from Seville, Spain’s visual appeal and way of life, MG Developer sought to carry on George Merrick’s legacy. The boutique 48-home private enclave will honor Merrick’s tradition and history in a timeless yet contemporary manner.
A full block of courtyards will be incorporated into The Village at Coral Gables, which will be surrounded by gardens with alcoves modeled after those in the Plaza de Espaa. Fifty percent of the site is anticipated to be covered with lush vegetation and hidden parking garages with decorative elements that go well with the Coral Gables neighborhood.
Townhomes, Lofts, Villas, and Flats are the four main groupings offered at The Village at Coral Gables. The style and size of the residences will vary, ranging from elegant flats with two bedrooms, a study, and a balcony to attractive townhomes with four bedrooms that are between 1,750 and 3,100 square feet in size.
Construction is expected to be completed by 2024. If you or someone you know have an interest in purchasing at the Village of Coral Gables, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.
Food & Wine Magazine Name Niven Patel’s Mamey in Coral Gables as the Editor’s Pick for Best Restaurant Ambiance
Miami is one of the top food cities in the nation, according to Food & Wine readers, which is no surprise that Miami was selected as one of the top 10 culinary cities in the United States in Culinary & Wine’s first Global Tastemaker Awards, which asked readers about their favorite eateries, pubs, cities, hotels, and other establishments.
The magazine’s May issue also includes a section on the outcomes. Miami was ranked eighth, ahead of Austin and San Diego.
One Miami eatery caught the editors’ attention: Niven Patel’s Mamey at the Thesis Hotel in Coral Gables was chosen as the editors’ pick for the nation’s top eateries for ambiance. The restaurant’s “food and decor both give you the impression that you’re in a lush, tropical paradise,” according to the magazine.
At this Coral Gables hotspot, Patel creates recipes using products from his own ranch that are influenced by his travels throughout Asia, Polynesia, and the Caribbean. Inside the meticulously planned interior, painted botanicals cover the walls and foliage seems to sprout up on every surface. Warm, ambient lighting and plants that dangle from the ceiling combine to give the impression that you are outside while maintaining a cozy ambiance.
Mamey is located 1350 S Dixie Hwy, Coral Gables at the Thesis Hotel Miami. To make a reservation to see what the hype is about, click here.
Updated Renderings Revealed for MG’s New Village of Coral Gables 48 Residence Tower
Prior to breaking ground and shortly after the official launch of its cutting-edge, on-site showroom, MG Developer unveiled updated renderings of the opulent interiors of The Village at Coral Gables new development.
The Village at Coral Gables, which offers 48 units spanning over four separate collections—Townhomes, Lofts, Villas, and Flats—is one of the most eagerly awaited development to enter Coral Gables’ market.
The style and size of the units varies, ranging from elegant flats with two bedrooms, a study, and a balcony to attractive townhomes with four bedrooms that are 1,750 to 3,100 square feet in size. The traditional yet contemporary village will also have smart recreational features for residents to enjoy, such as a Club House, Fitness Center, Business Center, and a Pool with a Pool House.
The Village at Coral Gables site is situated at 535 Santander Avenue and spread across 17 lots. By 2024, the $50 million development should be finished according to the developer.
The project’s carefully chosen interiors pay homage to Seville, Spain’s aesthetic elegance and way of life, and carry on the heritage of Coral Gables’ creator and dreamer, George Merrick, and his idea of “The City Beautiful.” Furniture was chosen from RH (Restoration Hardware), which has established its design dominance in the market for luxury lifestyle products.
The Mediterranean Revival-style design of The Village at Coral Gables will be modeled after the Ibero-American Exposition of 1929 in Seville’s Plaza de Espaa, which served as the neighborhood’s energetic hub and was ringed by gardens, courtyards, and magnificent fountains.
MG’s design team, lead by architect Maria De La Guardia of De La Guardia Victoria Architects & Urbanists, was inspired by Merrick’s seven towns and created ageless architecture that blends with the naturally lit houses, facilities, and common places.
The Village at Coral Gables is surrounded by lush, tree-lined streets that give the impression of being in the suburbs, but it is actually just a short stroll from Downtown Coral Gables, as well as being close to some of South Florida’s most prestigious golf courses, The Biltmore Hotel, popular tourist destinations, and top restaurants. The Village at Coral Gables is positioned to sell out rapidly because of all the amenities it offers, as well as its magnificent design and luxurious lifestyle.
The Constellation Group and Boschetti Group Propose a 15 Story Luxury Tower in Coral Gables
A 15-story, mixed-use luxury rental property is now being proposed by the Constellation Group and the Boschetti Group in Coral Gables, located at 4241 Aurora Street.
The proposals will be reviewed by the city’s development review board on Friday, according to Constellation Group Principal Eduardo Otaola. Approximately 70 apartments, 20,000 square feet of office space, 10,000 square feet of retail space, and a 5,000 square foot park would be present at the development site.
The location, which takes up an entire city block, is located west of Ponce de Leon Boulevard and immediately north of the Nordstrom shop at Brookfield Properties’ Merrick Park mall.
The project’s architects are listed as Bernardo Fort-Brescia and Raymond Fort of Arquitectonica, who were chosen by the Miami-based Constellation and Coral Gables-based Boschetti. According to Otaola, the design is the Mediterranean with an “innovation” twist because the location is located within the city’s Design and Innovation Overlay District. The building’s creators are aiming for a Mediterranean-inspired addition.
According to Otaola, they met with the neighborhood to obtain input on the designs and are proposing the taller building in exchange for the park.
According to the developers’ proposal, Constellation and Boschetti are requesting a transfer of development rights at the meeting on Friday that will add 26,000 square feet to the floor area ratio and offer remote parking for around 60 of the 200 required parking places. The developers are being defended by Greenberg Traurig’s lawyer Jorge Navarro.
At 4225 Ponce de Leon Boulevard, an adjacent office and retail complex is also being built by Constellation and Boschetti. It’s anticipated that construction will begin then.
Constellation is expected to close on its share of the property at 4241 Aurora early next year. Property records show Brookfield Properties sold the 0.7-acre site to a Boschetti affiliate in January for $6.1 million.
After going before the development review committee, Otaola said the project will be heard by the Coral Gables Board of Architects. He intends to break ground by the second or third quarter of next year.
Just east of Merrick Park and south of Bird Road in Miami, a number of apartment complexes have already been completed or are in the planning stages. The Watermark at Coral Gables on LeJeune Road and Belmont Village Senior Living next to the Collection dealership are two other high-end senior living projects that developers are currently working on to the north and south of the mall.
According to public records, Boschetti also owns a site close to the Watermark project.
The LifeTime-branded mixed-use multifamily development at 237 South Dixie Highway in Coral Gables was purchased by Hines for $430 million in August.
Jorge Posada-Retired New York Yankees Catcher Lists $20 Million Coral Gables Mansion
Retired New York Yankees star catcher, Jorge Posada and his wife Laura are the proud owners of 9335 Balada Street in Coral Gables. A waterfront estate that is now for sale and is situated in the upscale Old Cutler Bay neighborhood in Coral Gables.
Just two years before he retired in 2012, the five-time All-Star is claimed to have paid $6.25 million for the home in 2010, according to Mansion Global. The Coral Gables home is currently on the market at $19.9 million.
The former MLB player’s waterfront estate includes a stunning 11,800 square foot home with seven bedrooms, nine bathrooms, a private boat dock, and a six-car garage. Additionally, it is outfitted with a plethora of amenities, such as an infinity pool with canal views and a putting green where you can work on your short game whenever the desire strikes.
The interior of the house has a distinctly modern aesthetic with accents of brilliant white and shiny finishes. On the first level, there are two double living rooms, an ultra-modern chef’s kitchen, and a formal dining room with a wine rack installed on the wall.
Additionally, there is a seamless transition between indoor and outdoor areas, with various covered terraces, three balconies, and a two-story outdoor entertainment area complete with a summer kitchen.
The main bedroom is located upstairs, and it has an unbelievable walk-in closet that is about the size of two separate bedrooms put together. Naturally, the former athlete’s estate has a gym as well as a navy-colored movie theater, two home offices, and a basement with a pool table.
Eco-Friendly Mixed-Use Building Proposed in Coral Gables
Along the well-known Miracle Mile district of Coral Gables, Terranova Corp. intends to construct what might be the first mixed-use carbon-neutral structure in South Florida.
The office and retail building will generate all of the energy required to run it on-site, according to the Miami Beach-based developer. Using photovoltaic glass to capture solar energy, battery systems to store it, and energy-efficient AC and elevator systems might be done.
The total square footage of the four-story structure at 93 Miracle Mile would be 36,482. The building would feature 26,167 square feet of area for shops and restaurants and the rest for offices. A rooftop terrace would also be present.
According to Chairman of Terranova, Stephen Bittel, “93 Miracle Mile will be a revolutionary project, not only as a platform to champion Coral Gable’s dignitaries as forward-thinking leaders in sustainable development but also a blueprint for other developers and city planners as we face a climate crisis around the world. The modern proposed structure respects the scale of Miracle Mile, and uses traditional stone materials on the exterior, while also incorporating the best environmental options for the future.”
The developer paid $6.8 million for the 10,164-square-foot site in 2021 through an associate. The 9,097 square foot retail facility that it currently has would be torn down.
The project’s design was created by Miami-based Arqutiectonica and is awaiting local permission. Onyx Solar, based in Spain, was chosen to supply the solar glass. The solar glass will help with insulating the building as well as generating solar energy. The rooftop design will create a trellis that helps support the suspended orchid garden.
Jeff Bezos’ Parents Buy Waterfront Mansion in Miami
Photo credit: Douglas Elliman
The parents of Jeff Bezos invested $34 million in a waterfront Coral Gables mansion with over 12,000 square feet. Records show that the estate was purchased by Jackie and Mike Bezos, the parents of Amazon’s founder, last week.
Through a Delaware-based limited liability company called Forgotten Fountain, the couple bought the property located at 9475 Journeys End Road in Coral Gables.
The sellers of the estate were the former CEO of PetMD, Raul Calvoz, and his wife Raquel Cordon. According to property records, the couple paid $8.5 million for the home in 2018.
According to the description, the house has undergone a complete renovation and now features six bedrooms and seven bathrooms with floor-to-ceiling windows and French doors throughout. The property sits on more than 2 acres and has 200 feet of water frontage.
In addition, the offering lists a chef’s kitchen with double ovens, views of the pool and ocean beyond, a quartz wet bar, a rock climbing wall, a gym, a wine cellar, and other luxury amenities. The residence also features 2 terraces over two floors.
A pool, a lounge area, an outdoor kitchen, and a dining area with a built-in grill are all located outside. The mansion is perfect for car enthusiasts with a 9-car garage as well as a backup generator.
With a net worth of around $144 billion, Jeff Bezos is currently the second-richest person in the world. The internet giant spent $165 million purchasing a Los Angeles property that was originally owned by music billionaire David Geffen, making it one of the biggest purchases of 2020.
Records also show that Bezos’ parents also purchased an adjacent property to the Coral Gables home for almost $40 million in an off-market deal.
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.
