The developer of a planned office condominium in Coral Gables has hired interior designer MKDA, a New York-based firm, for its Class A building, The Real Deal has learned.
Ofizzina 1200, LLC, a joint venture between The Solution Group and its CEO and managing partner Camilo Lopez, is more than 45 percent reserved, Lopez told TRD. It joins a number of new developments in the Gables, including The Collection Residences, 2020 Salzedo, Agave Ponce and Paseo de la Riviera.
“Even during the recession, Coral Gables has been a very healthy market because they don’t let you overbuild,” Lopez told TRD.
Investors from Chile, Brazil, Argentina and Europe are reserving units between $750 per square foot and $800 per square foot, Lopez said. He plans on having 60 to 75 percent of the building reserved by the end of November. Buyers include institutional tenants, wealth management firms and international banks.
Nearly half will use the condos as investments and the other half for their own offices, Lopez said. Units range from 600 square feet to 3,000 square feet, with the option to purchase entire floors of 9,000 square feet.
Amenities will include a rooftop spa, a gym and an Italian cafe downstairs, as well as charging stations for electric cars.
Construction for Ofizzina is expected to begin in the next few months. The 16-story building, at 1200 Ponce de Leon Boulevard, will include 54 units spanning 96,767 square feet of office space, three retail spaces on the ground level and 332 parking spaces.
An affiliate of The Solution Group paid about $6.7 million for the 29,000-square-foot property, and received approval for the project in November 2014.
The Mediterranean-style office building will offer 54 suites totaling 96,767 square feet of office space, three retail suites at ground level and 332 parking spaces that together total 254,449 square feet of space. TSG is working with Coral Gables-based Corwil Architects on the project.
Source: The Real Deal