Miami Real Estate: Coral Gables experiencing mini building boom

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By Toluse Olorunnipa
Backed by a quarter-billion dollars in fresh financing and a conviction that Coral Gables will be the first South Florida enclave to experience a real estate rebound, a handful of developers are building again in the City Beautiful. The downtown section of Coral Gables, around Ponce De Leon Boulevard, is the epicenter of the mini-building boom, with luxury apartments and office buildings — not condos — taking center stage. There are at least seven new projects either under construction or scheduled to break ground soon in Coral Gables in the most active building flurry in the last five years. Developers and lenders have pinpointed the Gables as a hot market, said José Antonio Perez Helguera, whose company, Agave Holdings, has invested more than $150 million in the Gables and now owns about six acres of developable land near Ponce Circle Park. More than two million square feet of new space is set to hit the market over the next three years, coming in the form of newly minted offices and luxury apartment communities.

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