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Constellation Group and The Boschetti Group scored approval for a condo tower near the Shops at Merrick Park mall in Coral Gables, Fla.
The development is set to rise 16 stories at 4241 Aurora Street, just north of the Brookfield-owned luxury mall, which is home to Nordstrom, Louis Vuitton, Sephora, William Sonoma and other stores.
The developers anticipate the Arquitectonica-designed development will include between 60 to 80 condos, though the total unit number remains in flux and will depend on the preferences of buyers, according to a spokesperson for the joint venture. Units would span between 1,016 and 1,860 square feet and prices would range from about $1.5 million for a two-bedroom unit to $3 million for a three-bedroom unit.
Besides the residential component, the project will feature 15,000 square feet of office space and 10,000 square feet of retail space as well as a 5,000-square-foot public park.
Construction is expected to start by the fourth quarter of next year, with completion slated for 2026. The joint venture acquired the 0.7-acre site for $6.1 million last year, according to property records.
Despite the interest rate hikes, Coral Gables condo developments are still managing to secure financing. Last month, Codina Partners raised $115 million from Goldman Sachs (GS) to build an 18-story luxury rental tower a mile north of Constellation and Boschetti’s project.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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