The new “Heart of Coral Gables” has a strong pulse. Now in the 9th month of vertical construction on the North parcel, The Plaza Coral Gables team is making great progress towards its goal of a summer 2020 completion for this phase of the project. The 14 story Class “A” office building in the North parcel has now reached the 7th floor, while the parking podium and the lower levels of the luxury rental tower are not far behind.
While concrete is flowing and the structures keep rising into the skyline, the development team continues its push through the design and entitlement process for the subsequent phases of the project. Pre-construction efforts are now underway in the Central and South parcels in anticipation of a formal ground breaking within the next 90 days. Our master plan is set and it is now being executed accordingly. The overall project is still slated to be fully completed in Q1 of 2022.
Although we are extremely proud of the physical progress being made out in the field, we are even more excited with the success of our pre-leasing efforts. Lead by our brokerage team of Blanca Realty and Koniver-Stern, The Plaza Coral Gables has been well received by numerous potential tenants. A number of leases have been executed and a great deal of negotiations are ongoing. We could not be more pleased with the caliber of tenants that are approaching us, and that are ultimately going to make this the world class destination we envisioned.