Allen Morris Co. has secured a $132.5 million construction loan from Bank OZK for Ponce Park, an 11-story condominium development underway at 3000 Ponce de Leon Boulevard in Coral Gables. The financing supports the construction of the mixed-use project, which integrates residential units, ground-floor retail, and improvements to the adjacent Ponce Circle Park. The loan was arranged by Lotus Capital Partners, led by Faisal Ashraf. The financing follows a separate $138.5 million construction loan secured by Allen Morris Co. in November 2025 for its Ziggurat project in Coconut Grove.
Located at the intersection of Ponce de Leon Boulevard and University Drive, the project is positioned near The Plaza Coral Gables and Miracle Mile. The development is designed to incorporate architectural references to Coral Gables’ Mediterranean Revival context through a contemporary interpretation.
Credit: Ponce Park.
Credit: Ponce Park.
Credit: Ponce Park.
“Ponce Park is designed to be an architectural landmark for Coral Gables. With natural stone cladding, interiors by Meyer Davis, and a thoughtfully curated retail mix, the project reflects a level of quality and care that sets a new bar for Coral Gables living,” said W.A. Spencer Morris, President of Allen Morris Co.
“We value the opportunity to partner with Allen Morris Co. on this exceptional development in Coral Gables,” said Tom Moore, Managing Director of Originations at Bank OZK. “This financing reflects our confidence in their ability to successfully deliver on their vision and we are excited to see Ponce Park come to life.”
Credit: Ponce Park.
Credit: Ponce Park.
Credit: Ponce Park.
Designed by John Cunningham, with interior architecture by Meyer Davis, the building will feature 58 condominium residences ranging from 2 to 5 bedrooms. Unit sizes are planned between approximately 1,900 square feet and more than 6,500 square feet. Residences feature 11- to 12-foot ceilings, private elevator access, Italian-crafted kitchens, and expansive terraces with integrated summer kitchens.
The ground floor will include approximately 25,000 square feet of retail space, anchored by a restaurant serving both residents and the surrounding neighborhood. Residential amenities are planned to include a rooftop pool and sky bar, a fitness studio, a spa, a meditation courtyard, a private rooftop lounge, and cafe spaces with views over Southeast Coral Gables.
Credit: Ponce Park.
Credit: Ponce Park.
In coordination with the City of Coral Gables, Allen Morris Co. is also undertaking an $11 million renovation of the adjacent Ponce Circle Park. The scope includes enhancements to the park and surrounding streetscape intended to integrate the project with the public realm.
The residential component is represented exclusively by ONE Sotheby’s International Realty, with pricing starting at $2.9 million. Construction officially broke ground in December 2025, with completion anticipated in early 2028.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Absolute beauty…I truly hope it’s built to resemble the rendering….