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Additional Information about
The Aston Condo in Coral Gables Florida
About
the developer
BAP
Development was formed in 1999 by Willy A. Bermello and
Luis Ajamil to address the high level of demand for
quality residential and mixed-use high-rise developments
in South Florida. BAP has been able to leverage the
reputation and experience of its principals and the
resources of its affiliated company, Bermello, Ajamil
and Partners, one of Florida's largest architectural and
engineering companies, to become one of the leading
development firms in South Florida.
BAP is
continuing its expansion by identifying new locations
with strong market potential throughout Florida,
selected areas of the United States and the Caribbean
Basin. By spearheading the development of three key
districts in Miami, including the Coral Way Corridor,
the Performing Arts District and Brickell Village, as
well as downtown West Palm Beach and downtown Ft. Myers,
BAP has proven itself as the leader in the
revitalization of urban neighborhoods, as well as
redevelopment of urban waterfronts.
Residential projects to dot Coral Way
- South Florida Business Journal - by Paola Iuspa-Abbott
This A
10-block stretch on Coral Way, one of Miami's main
roads, will see an outburst of residential projects in
the next year, re-shaping a strip mostly made up of
mom-and-pop shops and low-rise offices.
At least
six residential projects are under construction or in
the permitting process. If plans move forward, more than
700 condominium units will flood Coral Way - also known
as Southwest 22nd Street - between 27th and 37th
avenues, a few miles southwest of downtown Miami. Two
condo projects have already been built in the past two
years. "The location is excellent," said Mark Troy, a
senior development analyst with BAP Development of
Coconut Grove. His group is about to complete
The Aston, a
226-condo project on Coral Way and 30th Avenue. The
stretch is a couple of minutes away from Brickell
Avenue, Miami's financial district, and less than half a
mile way from Coral Gables, home to many multinational
corporations' regional offices. The target buyers are
local residents who work nearby, said Pasquale Renzi,
principal of Renzi Development in Miami. Two years ago,
his group started the development wave when it built the
200-unit Coral Plaza at 3500 Coral Way, with prices
beginning at $158,000. "Most of the buyers were young
professionals and very few foreign investors," he said.
Renzi is now building 228 condos at The Emerald Plaza,
at 3410 Coral Way, and Blue of Coral Way, at 3170 Coral
Way. Prices for one-bedroom units begin at $145,000. The
Emerald is already sold out and Blue was just put on the
market, he said. Miami's planning advisory board, a
quasi-judiciary body, last week approved the design of
The Gables Marquis,
proposed for the 3200 block of Coral Way. Its developer,
Urbanism Coral Way, plans to build a 177-unit,
Mediterranean-style project with condos, townhouses and
retail on the ground floor. Units would start at
$175,000, said Ben Fernandez, the real estate lawyer
representing the developer. "The area lends itself to
higher density," he said. "Coral Way is one of Miami's
major transportation corridors."
Shamrock
at the Gables is in the permitting process and would
consist of about 60 residential units at 2280 S.W. 32nd
Ave. Coral Way Development Co. and FG Partners, also
seeking permits, plan to build The Midtown Lofts on the
3100 block of 22nd Terrace, just south of Coral Way. It
would have 85 condo units and 2,800 square feet of
retail on the ground floor. Construction of these
projects could begin during the first half of 2004. With
condo prices ranging from $150,000 to $260,000, BAP's
project, The Aston, is about 50 percent sold, Troy said.
The $38 million, 15-story building also includes 18,000
square feet of retail on the ground floor. With such a
demand for parcels in that part of town, land prices
have shot up. Land is now estimated at $50 to $75 a
square foot, about twice what it was a couple of years
ago, said Troy, whose group is currently looking to buy
more parcels along Coral Way. BAP bought the land for
$30 a square foot, he said. Units are also selling at
about 10 percent more than they sold for a year ago,
Renzi said. Hoping to promote pedestrian-oriented
buildings, the city allows developers to build more than
the code permits if they offer retail on the ground
floor, increase building setbacks to accommodate outdoor
seating and provide landscaping, said Miami Commissioner
Tomas Regalado, who oversees the district. The city
plans to invest about $3 million in the next couple of
years to upgrade Coral Way's streetscape from 13th to
37th avenues, he said.
"The
first step will be to install landscape lights on the
banyan trees along the median on Coral Way," he said.
The estimated $1.5 million project could begin this
year. The state has already installed new street lamps
and repaved the road, he said. Hoping to promote certain
uses on the state road - and discourage some others -
Miami commissioners last week approved a master plan for
the corridor prohibiting businesses such as pawn shops,
car dealerships and Laundromats. On the other hand, it
created incentives to promote mixed-use projects,
Regalado said.The city wants retail on the ground floor
to help new construction blend with the area's existing
retail base, he said. Also, additional space would be
needed for new retailers eager to expand in the
corridor.
The
changes and projects planned for that portion of Coral
Way are a light of hope for many. "Finally," Regalado
said, "Coral Way will stop being Coral Gables' poor
brother."
E-mail
Miami-Dade real estate/international business writer
Paola Iuspa-Abbott at iuspa@bizjournals.com. |
