396 Alhambra Begins Phase II

MIAMI-In mid-May, the developers of the $140 million 396 Alhambra project, a two-tower office development in downtown Coral Gables, began phase II of their 268-square-foot development. The 15-story, 173,000-square foot tower, which is scheduled for completion in December 2011, has been pre-certified LEED-Gold. It is the first new Class A office building to be built in Coral Gables in years.

Meanwhile, Phase I of the project, which is the rehab of an existing, 1960s-era office building, is underway and is scheduled for completion in December 2010. The soon-to-be renovated building, which is pre-certified as a LEED-Silver existing structure, will have 95,000 square feet. Citibank, which occupied a 6,000-square-foot building at the complex, before it was demolished to make way for Phase II, will occupy 5,500-square feet in this building during the rehab process, then go into the second tower in approximately 18 months, where it will also occupy 5,500 square feet. Also a part of Phase I is the construction of a 884-space, eight-story, parking garage with 13,000-square feet of restaurant space.