We see the scarcity of developable land for commercial properties in South Florida. The Miami Florida growth is being slowed just do to that issue. Many more commercial real estate developers are going out west to cities such as Doral. The idea of building condos is attractive to real estate investors. The last reports show the average asking price for a condo resale unit available for purchase is about $43o per square foot. Again that is why we see Condo Developments popping up in Doral Florida on their available land.
Coral Gables Commercial Properties
Well now we read of the real estate developer getting plans up for a construction project directly in Coral Gables. This developer plans to build a condominium and hotel project in South Florida on a busy stretch of Coral Gables.
The Company, Gables Station LLC, which is an affiliate of NP International has filed plans with the city to build this new project. This commercial property development would be 554 luxury condos, 168 hotel rooms and approximately 87,928 square feet of ground floor retail. The county records show that Gables Station LLC had purchased this commercial property in 2005 for a little over $24 million.
Established Developers Find Property in South Florida
This Coral Gables Property would sit at 215 and 251 S. Dixie Highway. The total of the commercial properties is about 4.3 acres which is situated at Grand Avenue and has the Metrorail running alongside it. The Miami Commercial Property is currently be used as a parking lot for this car dealer in Coral Gables. The actual owner of this Florida Property according to the Miami Dade County records is a Coconut Grove based corporation called Gables Station LLC.
Miami Real Estate Developments with Pedestrian Trails
This commercial real estate developer has said to expect this development would rise 155 feet and cost approximately $159 million to build it out. With that being said the Miami Dade County has a say in this matter. This commercial property developer would have to assure the County that they will fund improvements to the property under the Metrorail with parks as well as walkways. This is due to the part of the Underline, which happens to be the proposed pedestrian trail along the Metrorail. This proposed pedestrian trail will run from the busy area of Brickell to all the retail shopping in Dadeland.
The Coral Gables real estate base is positioned as one of South Florida’s most attractive areas for the revived preconstruction condo market. The majority of Florida commercial property investors who visit Coral Gables are not surprised. The idea of luxury condos in Coral Gables is easily accepted.