Fortune International Group is moving forward with a residential development that’s been in the works for more than two years. The firm recently acquired Gables Waterway, a development constructed in the 1950s and 1960s, for $37.5 million. The property appreciated in value 87 percent since it last traded hands for $20 million in 2014.
The currently unnamed project is set to feature two buildings measuring nine and 13 stories; together, they would offer 251 luxury units. The South Florida Business Journal reports that the homes will span 1,000 to 3,569 square feet and come outfitted with high-end finishings. It also notes that the homes are intended to appeal to wealthy individuals who don’t want to bother with older condo associations.
Aside from the residential aspect, plans also call for 1,500 square feet of retail and a public park. In total, the venture would comprise close to 515,000 square feet of new construction.
Miami-based Portuondo Perotti Architects and Arquitectonica are the architects. The Real Deal reports that Fortune International Group is in talks with the condo’s branding. The venture will be located at 6100 Caballero Blvd., Coral Gables, Florida, 33146, in Miami-Dade County. The venture will be situated directly across from the University of Miami.
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I know it’s Coral Gables, but if the architect is Arquitectonica, why not more classical architecture elsewhere, including Miami proper? It was Mediterranean Revival architecture which built the region, not boxes on ten-story parking garages.
BINGO! Couldn’t have said it better.