MARCH 2021 UPDATE:
FINAL PLAN FOR THE PROPOSED STREETSCAPE IMPROVEMENTS
The final design for the Neighborhood Improvements east of Ponce de Leon Avenue has been completed incorporating all The City revisions and comments. The complete drawing set has been submitted to the City of Coral Gables for permit issuance.
As soon as this is approved by the City and the Construction Permit is issued in the next 1-2 weeks, Superior Landscaping and Lawn Services will start mobilization and construction and the finalized schedule will be posted on this website.
In a year that presented so many challenges, our determination and hard work were rewarded. The first of many completion milestones was achieved in spite, of the 2020 hurdles. The City of Coral Gables issued a Temporary Certificate of Occupancy (TCO) for our North block on November 13, 2020.
Our residential building, “The Reserve at The Plaza” is now home to 30 families and leasing up quickly. The North office building is fully operational, and has become the new headquarters for Agave Holdings, LLC. Several other tenants have begun their interior improvements and will soon share this new Class “A” office building with Agave and other prestigious companies. Several of our retail tenants are in the planning and permitting process and will begin their improvements soon.
Construction on the rest of the project remains on schedule. The South office building and the Lowes Hotel are on target for delivery, August 2022. While the larger elements of the project are driving the schedule, there are dedicated teams tackling all elements of the project simultaneously. It is a monumental effort that requires tremendous planning and coordination, but we are committed to meeting our goals.
Our first Temporary Certificate of Occupancy (TCO) is within reach. The office and residential buildings currently under construction in the North parcel, are slated to be substantially complete in June 2020. Reaching this point in the development process is a major milestone for the project. A TCO 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.
While obtaining our TCO 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. 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 5 levels of parking and a rooftop amenities deck above. 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 of 2021.
The third and final phase of the project (South parcel), will begin within 30 days. South parcel is another Class “A” office building, 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.
As you can imagine this is an intense process that requires a great deal of focus and planning. So far we have met all of our intermediate milestones and have no doubt that this dream will become a reality soon. “Plan the work and work the Plan”.
Pinstripes signed a lease at The Plaza Coral Gables, a major mixed-use project under construction in Coral Gables.
The dining and entertainment bowling venue is taking 30,000 square feet on two stories at the project. Agave Holdings, a group that includes the family behind the Jose Cuervo spirits business, is the developer.
Koniver Stern Group brokered the 15-year lease, according to a spokesperson for Pinstripes. The Coral Gables location will have an outdoor patio, 12 bowling lanes, six indoor and outdoor bocce courts, a restaurant, wine cellar and event space that fits up to 1,000 guests. Pinstripes also plans to open an outpost at the Esplanade at Aventura project next summer.
The Plaza, a more than $500 million development, is expected to open in the summer of 2022. The 2.25 million-square-foot development will have a 242-key hotel, more than 2,000 parking spaces, 174 rental apartments and 161,000 square feet of retail space.
In June, Agave Holdings closed on a $100 million construction loan from PNC Bank for the first phase of the project, which calls for 291,000 square feet of office space, 101,000 square feet of retail and the majority of the apartments.
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.
Coral Gables Destination Will Mark the Company’s Second Anchor Location in South Florida.
CORAL GABLES, FL (October 29 2019) – Pinstripes, the best-in-class experiential dining and entertainment concept, announced today that the company will open a location at The Plaza Coral Gables, South Florida’s highly anticipated mixed-use shopping, dining, office, hospitality and entertainment destination. The venue will be part of a $500+ million ground-up development currently under construction and being developed by Agave Ponce LLC. This Pinstripes location will occupy 30,000 square feet on two levels, introducing made from scratch Italian-American cuisine, fine wines and cocktails, bowling and bocce courts to Coral Gables. This location will complement the Company’s recently announced project at Esplanade at Aventura, which is planned to open in Summer 2020.
“We’re excited to anchor Coral Gables’ newest mixed-use entertainment destination,” said Dale Schwartz, Pinstripes Founder/CEO. “Agave Ponce is assembling a dynamic mix of tenants and we look forward to working with them over the next several years on this exceptionally high-quality development.”
Pinstripes Coral Gables will offer a welcoming and memorable experience, featuring 12 bowling lanes, 6 indoor and outdoor bocce courts, a bistro and quality curated wine cellar, and event space to accommodate up to 1,000 guests. In addition to enjoying indoor entertainment and dining options, including a scratch-kitchen prepared Italian/American menu, guests can also relax year-round on a spacious outdoor patio, surrounded inside and out by modern décor and distinctive architectural design elements uniquely tailored to the South Florida market.
Committed to serving quality, locally sourced ingredients, the menu will include maple-glazed salmon, filet mignon, wood-fired pizzas, handmade pastas, salads, handcrafted sandwiches, gelato, and more. Every item will be made in-house, including rotating seasonal chef specialties. A thoughtfully selected wine list, curated handcrafted cocktails and an ever-changing craft beer selection will round out the beverage offerings.
“The Plaza Coral Gables will house a variety of Miami’s top dining and entertainment venues integrated all throughout the project. There will be 161,000 sq. feet of carefully curated retail with a focus on food and beverage, as well as lifestyle and entertainment for Coral Gables residents and visitors to enjoy” said Carlos Beckmann, General Manager for Agave Ponce. “Pinstripes is a perfect fit for the Project and we are thrilled to have them as one of our anchors”.
Built from a passion to gather, celebrate and experience sophisticated fun, Pinstripes Coral Gables will offer guests lunch and dinner seven days a week, as well as happy hour, a late-night menu and weekend brunches, and social and corporate private events and parties.
ABOUT PINSTRIPES Pinstripes, Inc. is an experiential dining and entertainment concept featuring exceptional Italian-American cuisine and curated wine and cocktails, bowling and bocce, and event space for groups of 20 to 1,000. Founded in 2007, the company is headquartered in Chicago and currently operates ten locations (Northbrook, South Barrington, Oak Brook and Chicago, IL; Edina, MN; Georgetown, D.C.; Bethesda, MD; Overland Park, KS; Fort Worth, TX; and Cleveland, OH), has three additional venues set to open later this year (Houston, TX; San Mateo, CA; and Norwalk, CT), and significant plans for further expansion.
A much-anticipated milestone is within reach. After 12 months of vertical construction, two of the four midrise buildings that make up The Plaza Coral Gables will be “Topped -Out” in 30 days. The final concrete pour for the Class “A” office building “2811 Ponce”, facing Ponce Circle Park, and the residential building with apartments for rent, facing Sevilla Av., will take place this month. Final completion for these two elements of the project is slated for Summer of 2020. An average of 275 plus workers per day, lots of planning and lots of hard work, have made this possible. It is a noteworthy accomplishment, but much more remains to be done.
We now focus some of our efforts towards the foundation work in the Central Parcel. The City of Coral Gables issued a master building permit for this phase of the project last month, giving us the ability to keep the momentum going. Auger-cast piles have started which puts us in a position to meet our goal of a December 2020 completion for the Central parcel.
Equally important is the progress that has been made with the off-site utilities that service the project. FPL is halfway done with the duct bank installation on Sevilla Av., and the sewer improvements along Galiano are almost finished. The complexity of the project is both above and below the surface.
Our design team is now wrapping up the South parcel construction documents which will lead us right into the permitting process for the final phase. All the pieces of the puzzle are identified and the exciting process of putting them together is happening now!
As Phase I of The Plaza Coral Gables “Tops-Out”, we continue to work with potential tenants to create a vibrant community center within The Plaza. For the retail element, we are focused on curating fitness, food & beverage, and entertainment concepts that welcome our neighbors to linger and enjoy the property. Our focus for the office elements is on creating a tenant mix that represents Coral Gables, South Florida, and the larger international business community.
We are pleased to announce that BAC Florida Bank has recently decided to relocate their headquarters to the south office tower “3011 Ponce” at The Plaza. BAC will be moving to the top three floors of the eight-story office tower with 63,000 Square Feet (equivalent to 38% of the south tower total square footage). We are excited for them to join us at The Plaza Coral Gables in 2022.
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.
The largest project in Coral Gables history, celebrates construction progress during ceremonial event
MIAMI, Fla., September 20, 2018 – The Plaza Coral Gables— the largest, mixed-use, development within the City of Coral Gables—revealed today its final design and construction plans, which include a one acre ‘open plaza’ extending to a dramatically enhanced Ponce Circle Park.
In the heart of the City Beautiful, The Plaza Coral Gables brings a luxury 4.5-star hotel, two Class ‘A’ Office Towers, luxurious residential units and lofts, casual and fine dining establishments, selected retail & commercial establishments, entertainment options and outdoor activations throughout the project; while offering two City of Coral Gables trolley stops connecting with the Metrorail and the rest of Coral Gables Business District.
The Plaza Coral Gables will be a LEED-ND certified project, ensuring Neighborhood Development projects that successfully protect and enhance the overall health, natural environment and quality of life of its residents.
Plans were revealed during a ceremonial groundbreaking event on Thursday, September 20, 2018 recognizing the construction progress.
Final plan announcements included revelations for property perimeter and city improvements, with further announcements forthcoming. The project maintains planner George Merrick’s Art Center Building and original office as its centerpiece.
“After much speculation, today we join our business partners and community supporters to share the advancements of what we believe brings urban style living to this luxurious suburban environment of the City Beautiful”, said Carlos Beckmann, Director of Operations for developers Agave Ponce LLC. “The Plaza Coral Gables is a highly integrated, and masterfully designed office, residential and retail destination providing tenants, and visitors alike, with a true sense of community. Our promise is to bring the best quality leasing options to Coral Gables for many years to come”.
Managing Partner for Agave Ponce LLC, Jose Antonio Perez Helguera, added: “Agave Ponce has been part of the Coral Gables community since 2008 when we began the development of ‘396 Alhambra’, which has already drawn top, local businesses, multinationals and retailers. Since then, we identify with the heritage of the City Beautiful, and are committed to, not only deliver another project to the robust community development, but to add value to its residents. Today is the day where we confirm that we are progressing to bring The Plaza Coral Gables to its fruition.”
The ceremonial event counted on participation by The Honorable Mayor Raul Valdes-Fauli; Mark Trowbridge, President & CEO, Coral Gables Chamber of Commerce; City of Coral Gables Officials including: Commissioner Pat Keon, Commissioner Vince Lago; Commissioner Michael Mena; and Interim City Manager, Peter Iglesias; as well as construction, design and local business partners.
The Plaza Coral Gables is a projected to have a significant economic impact on the city. Coral Gables estimates that the project will provide *1,682 jobs, a payroll of *$47 million and an additional $43 million from other economic activity generated by the project.
“We have worked on numerous large-scale, mixed-use projects throughout the United States and can unequivocally say that The Plaza Coral Gables will rank amongst the top projects of its kind in the United States. The Plaza Coral Gables will be a transformative, iconic project that will be the pride and joy of the South Florida community,” stated Manny De Zarraga, Executive Managing Director of commercial real estate capital intermediaries firm HFF.
The Plaza Coral Gables, under the leadership of Agave Ponce, was designed by CallisonRTKL— the global architecture, planning and design firm which has created many successful environments for developers, retailers, investors, institutions and public entities around the world.
The Plaza Coral Gables seven-acre, mixed-use project will total 2.25 Million square feet of construction comprised of office, retail, multi-housing a 242-key hotel and approximately 2,050 parking spaces with intelligent parking controls and five valet stations.
The Project’s open plaza design concept surrounding the Historic House at 2901 Ponce de Leon Blvd. unites the new development with a several million-dollar enhanced Ponce Circle Park infusing each with a variety of uses and public amenities, opening of new spaces for recreation and maintaining an integrated pattern that encourages walkability via paseos. New colonnade style sidewalks, shaded with trees during the day and well-lit for nighttime safety and water features will offer a pleasant pedestrian experience. Agave Ponce will also be integrating extensive public art throughout the development.
Coastal-Tishman Construction— one of the top 100 construction management companies in the country, with a distinguished roster of public and private-sector clients— is completing the north parcel, which includes the North Office Tower, North Residential Tower and North Retail.
The Plaza Coral Gables leasing partners include Blanca Commercial Real Estate—Florida’s leading independently owned commercial real estate services firm— for the office space leasing, and Koniver Stern Group—one of the most respected retail real estate companies in the country— for the retail space leasing.
The Plaza Coral Gables office leasing includes North and South Class-A office towers equipped with the latest technological advances, tenant amenities, meeting rooms, gym, lush outdoor spaces, art installations throughout the project, unique green spaces, activated outdoor spaces for tenant programs and unique architectural features. The entire project has been designed to achieve LEED-ND certification encouraging ‘smart growth’ and ‘new urbanism’ best practices by:
• Promoting the location and design of neighborhoods that reduce vehicle miles travelled (VMT)
• Creating developments where jobs and services are accessible by foot or public transit
• Promoting an array of green building and green infrastructure practices, particularly for more efficient energy and water use
• Protecting and conserving habitat, wetlands, water bodies, and prime agricultural lands through the maintenance of natural areas and “smart location” choices
From studios to 3- bedroom residences and lofts, 174 rental units will have the convenience of enjoying all that The Plaza Coral Gables has to offer by simply taking an elevator ride. With easy access to cultural events at Ponce Circle Park across the street, to dining with friends at one of the restaurants within the 7-acre project, residents have Coral Gables’ best at their fingertips. In addition to gorgeous views, residents at The Plaza Coral Gables and South Miami will also enjoy independent amenities exclusive to them such as a rooftop pool and a state-of-the-art fitness center.
The Plaza Coral Gables will house a variety of Miami’s top dining and entertainment venues integrated all throughout the project. There will be 161,000 sq. feet of carefully curated retail with a focus on food and beverage, as well as lifestyle and entertainment for Coral Gables residents and visitors to enjoy.
The Plaza Coral Gables presents a long-awaited, luxury hotel experience. The 4.5-star hotel offers 242 keys with an extensive meeting space: 9,000 sq. feet Main Ballroom, a 3,750 sq. feet Junior Ballroom, 15,000 sq. feet Rooftop event space, in addition to a fitness center, swimming pool, and 3,450 sq. feet of conference facilities/corporate meeting space.
The luxury hotel partner is expected to be announced within the next 90 days.
ABOUT THE PLAZA CORAL GABLES
The Plaza Coral Gables is the largest, mixed-use, LEED-ND development within the City of Coral Gables. The 7-acre property at 2901 Ponce de Leon Blvd., in the heart of the business district, includes a 4.5-star hotel with meeting space for business and social events, class “A” offices, street-level shopping and dining areas, high-end rentals and lofts. The new design incorporates an almost one acre open to the public plaza facing Ponce de Leon Blvd. and the soon-to-be-improved Ponce Circle Park. For more information visit, www.theplazacoralgables.com
ABOUT AGAVE PONCE
Agave Ponce, LLC is a subsidiary of Agave Holdings, LLC— a privately owned, commercial real estate firm, specializing in the acquisition and development of commercial properties throughout the United States and Mexico. The South Florida portfolio includes the Class ‘A’ office building at 396 Alhambra in Coral Gables hosting top multinational companies, and Biscayne Bank Tower, the largest, Class ‘A’ office building in Coconut Grove. The Agave group, which includes members of the family behind the Jose Cuervo spirits business, is committed to delivering best-of-class real estate development properties.