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February 24, 2016 / Johanna Bassols / 0 Comments / Luxury Home Market

Hotel-Condo Project in Coral Gables

Developer Gables Station LLC, an affiliate of NP International, has proposed a new mixed-use project along S. Dixie Highway in Coral Gables. The plans, which were filed with the city last month, include 554 luxury condos, 168 hotel rooms and 87,900 square feet of ground floor retail. The site measures 4.3 acres and runs along the Metrorail. The project is estimated to rise 155 feet and cost about $160 million to build. NP International is the same group that proposed Paseo de la Riviera in Coral Gables, which is waiting for final approval from the city.

According to a recent article from the South Florida Business Journal, the developer has committed to include improvements to the land under the Metrorail as parts of the Underline, a pedestrian trail under the Metrorail which could run from Brickell to Dadeland. The improvements would include parks and walkways.

“At long last, the city will have a high quality hotel in close proximity to the Village of Merrick park, vacant parking lots which have been a longtime scar along one of the major traffic arteries of the city will be converted into the largest single new addition into the city’s exciting and emerging mixed-use district and the first ever full segment of the ambitious Underline project will come to fruition in the City Beautiful,” said Mario Garcia-Serra, an attorney representing the developer in a letter to the city.

There are currently 14 new condo buildings with almost 1,120 units in the planning and presale phase of development in Coral Gables, ranking the community ninth in most active preconstruction condo markets in South Florida.

For more information about real estate in Coral Gables and surrounding areas, contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.

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