June 08, 2007 By Barbra Murray, Contributing Editor
A new Class A office condominium property, 2020 Ponce in Coral Gables, Fla., moves closer toward realization as construction gets underway. Developer Florida East Coast Realty is behind the 130,000-square-foot project.
Located at the intersection of Ponce de Leon Blvd. and Minorca in downtown Coral Gables, 2020 Ponce sits about 10 minutes from Miami. Upon completion, the property will carry the distinction of being Coral Gables' first ground-up office condominium development.
The 14-story structure, consisting of seven floors of office space atop a six-level parking facility and ground-level retail, features a Mediterranean-style design by Coral Gables-based architect Theodore Roux. Space at 2020 Ponce is being marketed by Vistas International Realty for $600 to $750 per-square-foot, and is already 80 percent sold. Beauchamp Construction Co. is the general contractor on the project and is on track to wrap up construction in mid-2008.
Office condo activity in the Miami area is very active with approximately 2.2 million square feet under development as of the close of the first quarter, according to the first quarter 2007 MarketView report by commercial real estate firm CB Richard Ellis Co. Projects currently underway include the 120,000-square-foot Miami Green; and a 110,000-square-foot project at 2121 Biscayne in Coral gables is also in the works.
Based in Coral Gables, Beauchamp is a 70-year-old construction company that has completed hundreds of developments located primarily in Florida and Washington, D.C. FECR, headquartered in Miami, has built in excess of 44 million square feet of residential, commercial, industrial, government and marina projects over the last half-century.
Florida Commercial Loan
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