Joint venture breaks ground on office building in Gables

By Lee Stephens….

Architectural rendering of “The Building” at 2990 Ponce de Leon Blvd.

A joint venture between two of Miami’s most successful and recognized family names has announced it has broken ground on a commercial property in the heart of Downtown Coral Gables.

Scheduled for completion in 2012, “The Building” will be a modern Mediterranean-style development located at 2990 Ponce de Leon Blvd., consisting of 58,000 square feet of Class A office space. The project, developed by Alberto J. Pérez of AJP Ventures, has garnered financing from HSBC Bank USA, NA.

Juan Carlos Mas leads the Mas Group of Companies, a venture capital, private equity and real estate investment fund.

“This is an exciting project for myriad reasons, not the least of which is the partnership with my good friends, the Zubis,” Mas said. “In addition to the beautiful and innovative design, we’re also proud to have secured backing from a leading global financial institution in this challenging economic climate.”

The joint venture with Mas was struck with TAZ Partners LLC, a real estate investment fund created by the Zubizarreta family. The company is named after the initials of Teresa A. Zubizarreta, the Miami icon and late mother of Michelle and Joe, who founded one of the nation’s largest and most respected Hispanic advertising agencies with more than $175 million in billings and clients ranging from American Airlines to Ford Motor Co.

“Although this is certainly not our typical venture, we are thrilled to participate due to the quality of people involved, and the strategic plans for this remarkable project,” Joe and Michelle Zubizarreta said in a joint statement.

Both the Mas Group of Companies and Zubi Advertising will relocate their headquarter operations to The Building. Additionally, the venture already has confirmed fourth floor tenants in the law firm Sanchez-Medina Gonzalez Quesada Lage Crespo Gomez & Machado LLP.

Featuring a striking architectural design, The Building will include a floor-to-ceiling glass curtain wall on its southeast corner and ground floor retail designed to accommodate “drive-thru” teller capacity for potential bank tenants.

As a boutique Class A office building, tenants will be able to enjoy amenities such as rooftop terrace, ample parking and full floor private suites with floor-to-ceiling windows. Additionally, with a true commitment to the environment and overall sustainability, The Building will be designed and built to achieve LEED certification awarded by the United States Green Building Council (USGBC).

The Building has brought together a veritable dream team of builders, financiers, leasing agents and visionaries. In addition to the Mas and Zubizarreta families, the property team includes developer Alberto J. Pérez, general contractor South Pointe Construction & Development, project artist John Angée and award-winning architecture firm Bellin and Pratt.

“Our goal with this project was to create something unparalleled in Coral Gables,” Pérez said. “The bold architecture, central location and caliber of partners involved will make The Building a truly unique landmark in our city.”

For more information, visit online at www.thebuildingonponce.

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