Agave secures £79m loan for phase I of Plaza Coral Gables project in Florida

6 Jun 2019 NORTH AMERICA BUILDINGS

Private firm Agave Holdings has secured $100m (£78.7m) in construction financing for the first phase of Plaza Coral Gables, a mixed-use project located in the heart of the Coral Gables business district in Florida, US.

Holliday Fenoglio Fowler (HFF) worked on behalf of the borrower, Agave Holdings, to secure the construction facility.

Said to be the first large scale mixed-use development within the City of Coral Gables, the Plaza Coral Gables includes construction of Ponce Park, which will serve as an extension of the project’s dramatic open plaza area.

The Plaza Coral Gables features a luxury hotel, two Class ‘A’ Office Towers, luxurious residential units and lofts, casual and fine dining establishments, selected retail and commercial establishments, entertainment options.

Being developed in phases, the phase one of the Plaza Coral Gables has been designed by CallisonRTKL.

It includes a 14-storey, Class A, office building totalling 291,129ft²; 135 multi-housing units, 34 ground level/loft apartment units; and 101,439ft² of retail space primarily fronting Ponce del Leon and the dramatic plaza.

Additionally, the first phase features an experiential theme with restaurants, entertainment and service tenants.

The second phase of the project comprises an additional 222,541ft² of net rentable area, including office, residential townhomes and retail, as well as a 242-key hotel. The overall project is planned to be completed in June 2020.

HFF executive managing director Manny de Zárraga said: “The Plaza Coral Gables is not only a milestone project for Coral Gable’s history but in South Florida history.

“This project is the culmination of years of hard work by the Agave team,who are focused and dedicated to providing the best tenant and customer experience for years to come.”

In July 2018, NP International (NPI) selected Balfour Beatty to build the 1.3 million ft², mixed-use Gables Station development in Coral Gables, Florida, US.

The development, comprising three towers, will feature 120,000ft² of retail space, 500 residential units, including 66 furnished extended-stay hotel units and a 1,000-car parking garage.

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Image: The Plaza Coral Gables mixed-use project under construction in the heart of the Coral Gables business district in Florida. Photo: courtesy of The Plaza Coral Gables.

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