The Calta Group Locks Down $30 Million Construction Loan For Coral Gables Townhomes 'Via Veneto'

The Calta Group, a real estate, development, and construction company led by brothers Ignazio and Gaetano Caltagirone, announced today that they have closed on a $30 million construction loan from Banesco USA for Via Veneto. The financing will fuel the development of Via Veneto, a collection of 10 ultra-luxury townhomes located in the heart of Coral Gables. Groundbreaking for this iconic project, which pays homage to Coral Gables' glorious past while introducing state-of-the-art grandeur, is slated for Spring 2025.

The sophisticated boutique project will feature 10 three-story townhomes, each offering more than 5,500 square feet of living space. Each residence offers four oversized bedrooms, four and a half baths, and expansive entertainment and living areas. Additional features include gourmet kitchens designed by Mia Cucina, renowned for its high-end Italian furnishings, and thoughtfully designed outdoor spaces with private terraces and summer kitchens overlooking a picturesque courtyard, providing an ideal blend of indoor and outdoor living.

Drawing inspiration from the neoclassical Mediterranean colonial style, Via Veneto’s exteriors combine timeless southern European elegance with modern luxury. Architectural details such as recessed entry porticoes, wrought-iron-inspired balconies, and intricate stonework complement Coral Gables' historical charm.

Each residence is uniquely distinguished by its own entry garden and façade. Within the landscaped development, residents will enjoy a trellised arched entryway, a paved motor court, and private carports alongside expansive four-car garages.

Priced from $5.7 million, Via Veneto is designed by renowned architect Nelson de Leon with interiors by Sensi Casa. The modern Mediterranean townhomes offer the added convenience of an elevator accessing all three levels.

“This construction loan represents a monumental milestone in making Via Veneto a reality,” said Gaetano Caltagirone, Co-Founder of The Calta Group. “We are proud to partner with Banesco USA, a respected leader in construction lending, to bring to life the most sophisticated project ever built in Coral Gables. Via Veneto is more than a development; it represents a culmination of our life experiences, passion, and a quest to exceed any level of sophistication Coral Gables has ever seen. This project is a legacy, a landmark that will become as iconic as The Biltmore Hotel, designed to fulfill the needs of an influx of discerning buyers attracted to this vibrant area.”

Banesco USA, an independent Florida state-chartered bank with $4.17 billion in assets and six locations between South Florida and Puerto Rico, has a strong reputation for serving a diverse clientele including the commercial and real estate sectors, small and middle-market businesses, and operating companies.

“At Banesco USA, we are committed to fostering exceptional projects that enrich the communities we serve,” said Calixto García-Vélez, President and CEO at Banesco USA. “Via Veneto exemplifies innovation and elegance, and we are proud to collaborate with The Calta Group to bring this exceptional development to Coral Gables.”

“We are proud to partner with The Calta Group on Via Veneto,” added John Cedres, Vice President – Corporate Lending Officer at Banesco USA. “This investment reflects our confidence in the strength of the Coral Gables market and The Calta Group’s track record of delivering exceptional developments that resonate with high-end buyers.”

Advisory services were provided by Jason Shapiro of CRE Capital Group.

Located at the intersection of Sevilla Avenue and Palermo Avenue, at 915 Palermo Avenue, Via Veneto offers unparalleled access to Coral Gables’ iconic landmarks, including The Biltmore Hotel, Venetian Pool, and Miracle Mile, celebrated for its boutique shopping, dining, and cultural attractions. Residents will also benefit from proximity to top-rated schools, parks, golf courses, recreational facilities, and Miami International Airport, making it an ideal choice for luxury buyers seeking convenience and sophistication.

Marketing and sales for Via Veneto are exclusively handled by Judy and Nathan Zeder, the high-powered mother/son duo with The Jills Zeder Group of Coldwell Banker Realty – the nation’s number one team as recognized by the Wall Street Journal.

First Luxury Single-Family Residences at SeaGlass Cove in The Florida Keys Set To Be Delivered in March

The first luxury single-family residences at SeaGlass Cove in the Florida Keys are set to be delivered in March 2024. SeaGlass Cove is a new, luxurious island enclave consisting of just 14 single-family homes in Marathon, Fla., in the heart of the Florida Keys. Located at 59720 Overseas Highway in Grassy Key, the project is being developed by Constellation Group, a Miami-based commercial real estate investment and development firm, and Ironwood Venture Group, a Florida-based private equity and full-service real estate development company focused primarily on the Florida Keys. Banesco USA provided the $17 million construction loan to build SeaGlass Cove Residences in early 2023 and the project was over 40% sold at the time of groundbreaking.

“SeaGlass Cove introduces a new dimension in waterfront living in one of Florida’s most sought-after destinations,” said Eduardo Otaola, Principal at Constellation Group. “The initial success of the sales process is a true testament to the demand buyers have for the Florida Keys and our well-conceived private enclave focused on barefoot luxury.”

Nestled amongst colorful coves and turquoise waters in a private gated community, SeaGlass Cove features three-story homes comprised of 4,800+ square feet of living and entertainment space that offer stunning views of the Atlantic Ocean. Residences will feature a two-car garage, chef’s kitchen, and spa baths that will be luxuriously appointed with MiaCucina finishes and Wolf/Subzero appliances (or Stone International finishes and KitchenAid appliances). Additional highlights include a private covered cabana and an optional summer kitchen replete with beach access.

The oceanfront enclave features a myriad of resort-style amenities, including a pool overlooking the ocean, an on-site pickleball court, and activities that include paddleboarding, swimming, fishing, snorkeling, biking, and much more. SeaGlass Cove is minutes from fine dining, shopping, spas, marinas, and much more.

Sea Glass Cove is 20 minutes South of Islamorada, is in close proximity to the Florida Keys/Marathon International Airport, and offers convenient access to Overseas Highway, which spans the entire chain of the Keys, and over the Atlantic Ocean, Florida Bay, and the Gulf of Mexico.

Constellation Group Locks Down $33 Million Construction Loan For Office Development In Merrick Park

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.