MIAMI-The seven-story South Tower of 396 Alhambra, a 273,000-square-foot mixed-use office and retail development in Coral Gables, has been completed. The delivery paves the way for the project’s second phase, a newly-constructed 15-story building that includes 156,000 square feet of office space.
The project’s South Tower comes to market with 30,000 square feet of office space already leased. Tenants include RTKL Associates, Terra Networks, Citibank and KabooKaboo.
“We continue to see steady tenant activity in Miami-Dade’s urban areas, such as the Coral Gables business district,” Tere Blanca, CEO of Blanca Commercial Real Estate, tells GlobeSt.com. “This is consistent with national trends that have seen office users shift their interests from suburban to urban submarkets. With Miami’s stature as a destination for foreign companies and inbound investment growing, we expect to see tenants gravitate to assets offering pedestrian-friendly, mixed-use settings, such as 396 Alhambra. The project’s close proximity to Miami International Airport, established retail product, executive housing and top schools is an added bonus when it comes to drawing tenants from out of town.”
Construction of 396 Alhambra began in early 2009. Renovations to the South Tower included the replacement of the building’s windows with hurricane-resistant impact glass; an overhaul of its plumbing and HVAC systems, elevator cabs and electrical components; and the addition of premium finishes throughout all of the building’s common areas. An existing three-story parking garage was replaced by a new eight-story garage providing access to both the North and South Towers. As a result of these upgrades, 396 Alhambra’s South Tower is on track to achieve LEED Silver certification, with the neighboring North Tower pre-certified at the LEED Gold level.
“396 Alhambra is the most exciting commercial development to rise in Coral Gables in years,” David Valdez, executive vice president of Blanca Commercial Real Estate, which is serving as the exclusive leasing agent for 396 Alhambra, tells GlobeSt.com. “The project sits on the best parcel of land remaining in the Coral Gables business district, located along Alhambra Circle--a straight shot to Miami International Airport, a short drive from the area’s top residential neighborhoods and within walking distance of the Gables’ various shops, hotels and restaurants. This is an ideal location for companies large and small seeking premium office space in the Miami market.”
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