An Atlanta-based property developer has broken ground on Gables 4585 Ponce, a 250-unit, 10-story, multi-family, Class A, luxury apartment community with 26,430 square feet of ground floor retail and parking space.
In 2007, Gables Residential originally purchased the 2.13-acre site at the northeast corner of LeJeune Road and Ponce de Leon Boulevard.
Earlier this month, an affiliate of the property developer, LG Coral, was able to avail of a $50 million construction loan from PNC Bank.
The event was announced on the commencement of construction of Gables Post Oak, a Class A+ mid-rise apartment community located in the Uptown area of Houston, Texas, and developed in a joint venture with Northwestern Mutual that provides the construction financing.
“The Coral Gables rental market has firmed up and we are seeing growth in this area,” states David Fitch, Gables Residential president and CEO.
“The project’s proximity to the Village of Merrick Park, the University of Miami, and the Metrorail station are all key factors in making Gables 4585 Ponce a desirable location for renters.”
The project will open in December 2012 and is slated for completion in 2013.
The contractor is Facchina Construction of Florida, LLC, while the apartment community was designed by Coral Gables-based Behar Font & Partners, P.A., one of South Florida’s leading architectural firms specializing in luxury rental and residential housing properties.
The units will offer one and two bedroom rental apartments and Community features will include an elevated pool on the fifth floor of the building, expansive views of the Miami skyline, concierge and valet services, and a state of the art fitness center.
Coral Gables is one of the most exclusive housing markets in the country, as evidenced by the city’s median home value of $631,221, resulting in high barriers to entry for new development, noted the property developer.
There have been fewer than 300 new rental units built in the Coral Gables submarket since 2006, with only 36 units that are currently under construction.
Aside from Gables 4585 Ponce, only 45 units exist in the development pipeline.
“Extremely limited deliveries in the Coral Gables submarket, coupled with a dramatic reduction in starts across the Miami MSA have led analysts to forecast strong and accelerating rent growth by 2012,” stated Gables Residential in a statement.
Last month, a USAA Real Estate Company affiliate has acquired a “significant interest” in two of Gables’ Class A, multi-family and mixed use properties in Austin and Dallas, Texas.
Construction of the joint project commenced earlier this year on two ground-up developments: the 333-unit Gables Fairmount community in the Uptown market of Dallas, Texas and the 281-unit Gables Upper Rock community in Rockville, Maryland.