A rendering of The Plaza Coral Gables mixed-use development.
MIAMI—Agave Holdings, LLC has secured $100 million in construction financing for what is being touted as the largest project in the history of Coral Gables—The Plaza Coral Gables.
The construction financing was announced by Holliday Fenoglio Fowler, L.P., which arranged the deal for the mixed-use project located in the heart of the Coral Gables business district on behalf of developer Agave Holdings. Construction is underway on the development. Agave Holdings held a ceremonial groundbreaking for the project in September 2018. PNC Bank provided the loan, according to a report in the Real Deal.
The Plaza Coral Gables represents the first large scale mixed-use development within the City of Coral Gables and includes the design and development of Ponce Park, which will serve as an extension of the project's open plaza area.
Designed by CallisonRTKL, phase one of the project includes a 14-story, Class A, state-of-the art office building totaling 291,129 square feet; 135 multi-housing units, 34 ground level/loft apartment units and 101,439 square feet of retail space primarily fronting Ponce del Leon and the plaza, and consisting of an experiential theme with restaurants, entertainment and service tenants.
The second phase, not part of the financing transaction, will provide an additional 222,541 square feet of net rentable area, including office, residential townhomes and retail and a 242-key hotel.
The first phase is projected to be completed by June 2020.
The HFF capital markets team that represented Agave Holdings included executive managing director Manny de Zárraga, managing director Jim Dockerty and director Matthew McCormack.
“The Plaza Coral Gables is not only a milestone project for Coral Gable's history but in South Florida history,” de Zárraga said. “This project is the culmination of years of hard work by the Agave team, who are focused and dedicated to providing the best tenant and customer experience for years to come.”
Agave Holdings, which has offices in Miami and Mexico City, represents the interests of Grupo JB (family of Juan Beckmann of José Cuervo), currently owns and manages more than 4 million square feet of institutional Class A office space across the United States and Mexico.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
