Gables Residential, one of the country’s leading developers of luxury mixed-use rental communities, has broken ground on Gables Ponce, a 10-story Class A multi-family luxury rental community with 250 apartment homes and 26,430 square feet of ground floor retail.
Gables Residential, an Atlanta-based developer, originally purchased the 2.13-acre site at the northeast corner of LeJeune Road and Ponce de Leon Boulevard in 2007. Earlier this month, PNC Bank granted a $50 million construction loan to LG Coral, an affiliate of Gables Residential.
“The Coral Gables rental market has firmed up and we are seeing growth in this area,” said David Fitch, Gables Residential president and CEO. “The community’s proximity to the Village of Merrick Park, the University of Miami, and the Metrorail station are all key factors in making Gables Ponce a desirable location for residents,” he added.
Designed by Coral Gables-based Behar Font & Partners PA, one of South Florida’s leading architectural firms specializing in luxury rental and residential housing properties, the community will open in December 2012 and is slated for completion in 2013. The contractor is Facchina Construction of Florida LLC.
The units will offer one-, two- and three-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 ranks among 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. Fewer than 300 new rental units have been built in the Coral Gables submarket since 2006, only 36 units currently are under construction, and aside from Gables Ponce, only 45 units exist in the development pipeline.
For more information on Gables Ponce, visit online at www.gables.com or call 1-404-923-5585.