Developer Shoma Group has proposed a mixed-use development with affordable housing in Coral Gables.
Ponce 8 would rise 16 stories, featuring both residences and commercial space. Regarding the residential aspect: current plans call for 201 apartments, 40 percent of which would be designated as affordable housing to gain incentives from the Live Local Act. These homes would be reserved for tenants earning up to 120 percent of the area median income (AMI). According to Coral Gables, the city’s median household income is currently $127,834.
The venture would replace two retail buildings constructed in the 1940s. Image from Google Earth
The homes at Ponce 8 would span 500 to 1,255 square feet, and residents would have access to a sixth-story amenity deck with co-working space, a clubhouse, and a resort-style swimming pool. Regarding the commercial aspect: Ponce 8 would have 18,000 square feet of space available for retail, restaurants, and offices.
Shoma Group has the 36,000-square-foot property under contract from its current owners; the property is currently home to two retail buildings constructed in the 1940s. They are not considered historically significant and will likely be demolished. Doral-based PPK Architects designed Ponce 8. The firm also designed Shoma 88, another project by Shoma Group.
If approved, Ponce 8 would occupy 3850 SW 8th St, Coral Gables, FL, 33134, in Miami-Dade County.
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Sad. The building being torn down is far more attractive than the one being proposed. Come on Coral Gables, don’t be a sell out like Coconut Grove.