Office Building Makes Way for Condos

CORAL GABLES, FL-Demolition has begun on a five-story office building at the future site of Douglas Place, a 14-story, 83-unit boutique condominium property. The project is being developed by H&H Development Co., a locally based real estate investment and development company formed in 2002. The project will be located near Coral Gables at 60 N.W. Douglas Rd.After the office building is demolished, developers plan to start clearing the site. Construction is set to begin in June, and the project is expected to be completed in the fourth quarter of 2005.The project’s sellout value is $20 million. The 887-sf to 1,330-sf units are priced from $182,000, while penthouses start at $272,950. The project also will include 5,500 sf of ground-floor retail space. Amenities include a fourth-floor recreation area with a sun deck, a pool and a covered terrace, a clubhouse with a lounge, a bar and a billiards table, a fitness center and a barbecue area.H&H Development, which has seven ground-up development projects in its portfolio, is projecting $100 million in revenue this year.