MIAMI—There's much ado about Coral Gables these days. Indeed, with 360 Alhambra office space filling up at a rapid clip and now Merrick Manor selling 70% of its condo inventory in less than two months, it's clear that the recovery is making its way to Miami submarkets.

But it's not just established projects. Developers are eyeing land there for new projects. Astor Companies set out to build the first condo in Coral Gables since the downturn in January. And a financial institution advised by The Roseview Group just sold a 1.43-acre lot in Coral Gables to a South Florida-based private investment and development company for $8.5 million, or $136 per square foot. Investors are also dipping their tow into the Coral Gables waters. Ocean Bank just sold Villa Ponce Condos for $24 million.

What's driving the accelerated interest in the Coral Gables market? And specifically the condo market? Christian Kawas of SoBeLuxuryHomes.com tells GlobeSt.com there's more than one force at work.