Planned Laguna House sells two retail spaces to Nic del Mar and Jae’s Sinful Delights
Project is 38.5% sold, will break ground this summer
March 28, 2016 05:30PMBy Ina Cordle
Rendering of Laguna House
Roger Development Group’s proposed Laguna House condominium tower at the Shops at Merrick Park has sold its first two retail spaces to Nic del Mar and Jae’s Sinful Delights, The Real Deal has learned.
Nic del Mar, a designer swim and resort wear shop has signed a contract for $595,455, or $535 per square foot, for a 1,113 square-foot retail condo space on the ground floor of the planned boutique development, Oscar Roger, president and CEO of Roger Development Group, told TRD. The store will relocate from its 525-square-foot space at 475 Biltmore Way once Laguna House is completed in late 2017, the developer said.
Jae’s Sinful Delights, a Panama City, Florida-based cake gallery, has signed a contract for $525,370, or $535 per square foot, for 982 square feet at the second of three retail condo spaces that will total 3,565 square feet.
Laguna House, a 10-story luxury project at 4220 Laguna Street in Coral Gables, will consist of 13 condo units, ranging from 3,000 square feet to 6,250 square feet. The first two-and-a-half floors of the building will be for parking, then six floors with two units per floor, topped by a full-floor penthouse on the 10th floor.
Prices will range from $1.5 million to $3.2 million for the penthouse, or $575 to $795 per square foot, for an average of $650 per square foot, Roger said. ONE Sotheby’s International Realty is the exclusive sales and marketing firm.
So far, five condo units have sold, or 38.5 percent of the total, Roger said. The project is expected to break ground this summer.
Miami-based Roger Development purchased the site at 4220 Laguna Street from General Growth Properties, owners of the Shops at Merrick Park, he said. The company paid $2.4 million for the 11,000-square-foot property last June.
Laguna House will be across the street from the entrance to the upscale shopping center, which has more than 100 retailers and restaurants, including Neiman Marcus, Nordstrom, Gucci, Burberry, Diane von Furstenberg, Jimmy Choo and Tiffany & Co. Merrick Park also has Equinox Fitness, SoulCycle and Elemis spa, offering nearby amenities to Laguna House residents, Roger said. “We are using the location as our biggest amenity,” he told TRD.
The Mediterranean-style tower is designed by Boca Raton’s PGAL Architects. Units will feature great rooms, open kitchens with Italian cabinetry and Wolf appliances, Roger said. Outside, units will have 10-foot terraces with summer kitchens and outdoor grills. The building will also have a heated pool and sundeck.
The project is designed to appeal to empty nesters in Coral Gables who have big homes and want to move to a large condo unit, he said. Laguna House is expected to break ground this year.
The project is among several Roger Development has developed in Coral Gables, including One Village Place, Gables Park Tower and Gables on the Green, as well as Le Phare in Key Biscayne. The firm was started by Roger’s father, also named Oscar Roger, 55 years ago.
Roger Development is also planning a mixed-use project with office and retail components at the corner of LeJeune Road and Bird Road, near the Shops at Merrick Park. The company has not yet purchased the site, a former gas station. Roger said the company has submitted plans to the city of Coral Gables for a 10-story building with retail on the ground floor, then a few floors of parking, then offices. The offices may be office condos, he said.
Source: The Real Deal