Coral Gables Luxury Rental Project gets $50 Million Construction Loan

In what is hopefully a sign of good things to come, a major 250 Unit Luxury Rental project has received approval for $50 Million in funding from PNC.  As reported by Brian Bandell with The South Florida Business Journal, the developer is LG Coral who is an affiliate of Gables Residential.  And although you might think Gables Residential would be based in Coral Gables, it is in fact a national company out of Atlanta, GA.  Here is the website for Gables Residential: www.Gables.com …boy I would love to have that domain, as I’m sure would many others.

Bandell also reports that the project will have 26,000 sf. of ground level retail space and should be breaking ground this summer.  If all goes well, Gables Residential hopes to have the project available by Fall of 2012.  The apartments would rent at around $2-2.50 /sf.  The building will be located at 4585 Ponce DeLeon Blvd, Coral Gables…click here for current Google street level view.

Here is a rendering of the proposed project from the developer’s website…

Artist's Rendering

 

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Published in: on June 13, 2011 at 5:41 pm  Leave a Comment  

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