Luxury builder Gary Shear of Shear Construction and Development Inc. and architect and developer Charles Treister of Treister Design and Development Inc. are developing the project with 50 residential apartments, and 10,000 sf each of office condo space and retail space on the bottom floors of the building. The developers received approval for the Mediterranean-style project from the City Commission in January. The project, to be located at 1607 Ponce de Leon Blvd. just north of the central business district, is valued at around $30 million.
The office space will be divided up into smaller units ranging from about 800 sf to 2,000 sf, but buyers can purchase adjacent units and put them together. "We're targeting some of the small businesses and small professional offices …, many of whom are already in Coral Gables and want to take advantage of ownership," Treister tells GlobeSt.com. "There are quite a few people who are buying these smaller units."
All the units will have private-access elevators, at least 10-ft high ceilings and luxury high-end finishes, such as European cabinetry--amenities found in much more costly condo communities. "We generally find that if we can offer a little bit more than what everybody else is offering for about the same price, it will be more successful," Treister says.
Co-developer Gary Shear adds in a statement, "We recognized the need for a premier building for homeowners who enjoy walking to the shops, restaurants and offices on and around Miracle Mile."
Most units at the Ponce de Leon are priced from the high $200,000s to the $500,000s, while the Penthouse and Terrace residences are priced up to the $800,000s. The Penthouse, on the 14th floor, will feature 11-ft ceilings and several sliding glass doors that open to large terraces. The Terrace level is located on the sixth floor and also will have 11-ft ceilings and sliding doors from every room opening onto large terraces, some of which will total more than 1,000 sf.
Residences will range in size from 865 sf for one-bedroom apartments, to 1,200 sf to 1,300 sf for two-bedroom units, to up to 1,661 sf for three-bedroom residences. Amenities will include a landscaped pool deck with a large heated pool and spa, an exercise room and sauna, a covered outdoor entertainment area with a serving bar and barbecue grill, covered garage parking, storage units and a 24-hour concierge in the lobby.
Treister designed the building with Fullerton Diaz Architects. The project is scheduled to break ground this summer and be completed in winter 2005.
Shear Construction & Development of Miami, FL, more than 23 years old, has completed more than $250 million in projects in all areas of building. Treister, a third-generation Miami architect and developer, over the last 22 years has been involved in designing and developing projects including the Mayfair shopping center, the Mayfair House hotel and the Anchorage community, all in Coconut Grove, FL.
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