Constellation Group, a Miami-based commercial real estate investment and development firm, and The Boschetti Group have locked down a $33 million construction loan from Miami-based Banesco USA and Abanca, for its upcoming office and retail development located at 4225 Ponce de Leon Boulevard in South Florida’s renowned City Beautiful, Coral Gables. This Class A+ boutique office and retail development is poised to elevate the heart of Coral Gables' Merrick Park district, the premier shopping and entertainment destination in South Florida. Colliers, a renowned real estate services firm committed to delivering exceptional experiences, will be handling leasing for both the office and retail spaces.
"We are very excited about the latest milestone in creating 4225 Ponce. We are also proud of our partnership with Abanca and Banesco USA which has entrusted us to develop a Class A+ destination that embodies the true essence of Coral Gables' elegance and sophistication," said Eduardo Otaola, Managing Principal at Constellation Group. "This development will provide a well-located boutique-style Class A office building to Coral Gables in a complicated yet supply-constrained environment.”
The eight-story property, which is strategically located in Coral Gables’ premier shopping district, will be between 4225 and 4311 Ponce de Leon and will span approximately 85,000 square feet. Renowned for its innovative designs, the internationally renowned architectural firm, Arquitectonica, has designed the luxury boutique-style Class A Office to include 5,900 square feet of ground floor retail space, parking, 70,000 square feet of premier office space, and a 7,000 square foot rooftop food and beverage venue offering stunning panoramic views of the city.
“Given the area’s sustained economic vitality, Banesco USA remains bullish on South Florida and is excited to grow our portfolio with Constellation Group by providing the financing for 4225 Ponce,” said Amelia Rodriguez, Senior Vice President of Banesco USA. “Coral Gables is in the midst of a residential and commercial building boom that continues to attract more residents and businesses. 4225 Ponce will add new product to the market, merging innovative Class A+ office spaces with dynamic ground-floor retail offerings, poised to further enhance the City Beautiful’s standing as a premier business and cultural destination. Banesco USA is proud to play a role in making this vision a reality and look forward to financing more innovative projects like this one in the future.”
"We are delighted to collaborate with Constellation Group and Banesco USA on this transformative endeavor to reinvigorate The City Beautiful,” said Monica Vasquez, General Manager at Abanca. “This partnership reflects ABANCA's commitment to supporting visionary projects that not only redefine the urban landscape but also contribute to the cultural and economic vitality of the community, and we look forward to witnessing the positive impact it will have on Coral Gables' dynamic and vibrant atmosphere."
The project represents a significant revitalization initiative that is taking place around Coral Gables’ Merrick Park district, with a development plan that aims to elevate the business and consumer fabric of Coral Gables. The estimated groundbreaking date is set for Q4 2023 and is expected to be completed in 2025.
Interior Architects, Inc. is responsible for creating functional and aesthetically pleasing spaces within the building. Naturalificial, a leading landscape architecture firm, will design outdoor spaces to blend nature and modernity harmoniously.
Notable features include four stories of premier-class A+ office space, a rooftop restaurant offering panoramic views of the city, outdoor terraces on each floor, ground-floor retail spaces, and a 1,500-square-foot lounge. A covered pedestrian plaza and paseo on the ground floor will also offer valet parking service, enhancing the overall experience for tenants and visitors alike.
