Old Spanish Village in Coral Gables, a $400 million dollar development project which was slated to include 195 townhomes, condo units, row houses, along with an office tower and hotel, fizzled before it got off the ground. The Wall Street Journal reports that FirstBank Puerto Rico which held the $60.1 million mortgage for the Mas Family and Ponce Circle (the site’s developers) seized the project in foreclosure after an $83 million dollar foreclosure action.
The previously existing structures were demolished, leaving 5.8 acres barren, in the heart of Coral Gables, and ready for construction. The lot on Ponce de Leon Blvd and Palmero Avenue sits empty right now, except for a handful of townhomes that were constructed adjacent to the historic museum at the Ponce Circle. But like every other piece of available, buildable land in Miami, that land will not remain empty.
The sidelined project is a huge loss for Coral Gables … because one thing truly lacking in Coral Gables and the surrounding areas right now is finished UPSCALE condos and townhomes. There are definitely buyers for both, but there is, right now, a distinct lack of available options for those buyers. We will update you through our posts via MiamiRealEstateCafe.com … Those 5.8 acres in the heart of the Gables will definitely not remain vacant…. Updates to come shortly.
Looking for investment options in Miami? Call any time you’re ready … We would love to help you explore the many opportunities there are right now in Miami ! The Restivo Team: You can contact us at 305 793-1365 or email us at restivo.v@ewm.com.
