Vast Plaza Coral Gables rising in segments
At The Plaza Coral Gables, the largest multi-purpose complex ever to rise in that city, progress continues apace.
“Our first temporary certificate of occupancy is within reach,” said a release by the developer, Agave Holdings, a group that includes Jose Cuervo spirits.
“The office and residential buildings currently under construction in the north parcel are slated to be substantially complete in June. Reaching this point in the development process is a major milestone for the project [as a temporary certificate of occupancy] enables us to begin interior tenant improvements in the commercial spaces. Once those office and retail spaces are completed, the first phase of the project will no longer be a construction site, but rather a fully functional commercial center. We anticipate to ‘go live’ in the north parcel by the end of this year.”
Last November, the bowling-and-entertainment venue Pinstripes signed a 30,000-square-foot lease for two floors in the complex. The Coral Gables location is to have an outdoor patio, 12 bowling lanes, six indoor and outdoor bocce courts, a restaurant, wine cellar, and an event space that can accommodate 1,000 guests.
“While obtaining our temporary certificate of occupancy for the north parcel is very much the focus at this point, we continue to push the balance of the project in order to achieve our ultimate goal of being 100% done by August 2022,” said the release, posted on the project’s website. “The central parcel has already begun. We have reached the first elevated deck of this structure. The central parcel consists of two levels of commercial space with five levels of parking and a rooftop amenities deck. It connects the north parcel to the south parcel. It has a unique shape and presents numerous logistical challenges that make an already complex project even more challenging. The tentative completion date for the central parcel is May 2021.
“The third and final phase of the project (south parcel), will begin within 30 days. The south parcel [contains] a class A office building and a 242-room, 4.5-star Loews Hotel, with a shared parking podium. Pre-construction planning is ongoing and foundation contractors are on standby waiting for the issuance of our last master building permits.
“Construction of the Galiano Residences will also begin soon. We plan on expediting the work on these smaller buildings in order to finish them concurrently with each of the parcels. There will be a point in time this summer where all parcels will be under construction at the same time. So far, we have met all of our intermediate milestones and have no doubt that this dream will become a reality soon.”
Completion of the entire complex, a $500 million development, is slated for summer 2022.
Blanca Commercial Real Estate is handling office leasing of two class A towers, and Koniver Stern Group is leasing the retail space.
“The project will surround a historic George Merrick building and include public art, an open plaza and colonnade-style sidewalks,” the website said.