Starwood Urban Readies $57-Mil Downtown Coral Gables Project

MIAMI-In one of the most ambitious Downtown development ventures in the past decade, Greenwich, CT-based Starwood Urban Retail XI plans to break ground in February on a $57 million, mixed-use venture on Miracle Mile, the premier shopping district in suburban Coral Gables, FL.

Completion is tentatively scheduled for June 2003. The two-phased project comprises One Aragon, a planned 15-story, 184 unit luxury rental tower with 10 floor of apartments, ground-floor retail and four levels of parking. The main lobby will be on the sixth floor. Projected rent ranges weren’t disclosed.

The other component, 55 Miracle Mile, will comprise a four-story retail-restaurant-office building with 27,000 sf of office and 13,500-sf floor plates. Projected rents weren’t disclosed.