CONSTRUCTION UPDATE / JULY 2020
CONSTRUCTION UPDATE / JULY 2020
CONSTRUCTION UPDATE / MAY 2020
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”.
CONSTRUCTION UPDATE / FEBRUARY 2020
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.
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.
Construction work on the North Parcel at the site of The Plaza Coral Gables continues to progress as work is being completed on the 3rd floor. General contractor, Coastal-Tishman Construction, is building the parcel’s office and retail space as well as a residential tower.
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.
Blanca Commercial Real Estate is handling leases of office space at The Plaza Coral Gables, and Koniver Stern Group is handling retail leases.
Agave Ponce and the City of Coral Gables are reviewing the plan, schedule and budget for the off-site improvements based on the design provided by Dover Kohl, which will be presented to the neighbors within a month. We will publish any updates as they are received.
Permits are in place and work is scheduled to commence during the first 2 weeks of October for the improvement of the road alignment and street curb on Malaga Ave. (between Ponce de Leon and Coconut Grove Drive).
The work is scheduled to last between 1 and 1 and a half weeks. These improvements are necessary to widen the street at the curve and to make that segment of Malaga Ave. safer and easier to drive (see picture).