A new 250 residential unit, 26,000 sq. ft commercial space will break ground this summer in Coral Gables. The project is currently called Gables 4585 Ponce located between the University of Miami and Merrick Park. The site covers 2.3 acres of the northeast corner of Lejeune and Ponce, just north of US1.
PNC granted the $50M construction loan to an affiliate of Atlanta based developer, Gables Residential. The great location, and solid rental market were cited as reasons that helped convince the lender that this was a worthy project. Gables 4585 Ponce plans to open in the fall of 2012.
Between luxury rentals, upscale retail, and the contemporary Mediterranean aesthetic it is clear that the project does not deviate from the Merrick Park formula for success.
For the past year, a strong selling point for real estate agents has been that both prices and interest rates are rock bottom. Though interest rates are still extremely low, they have risen from record lows, and are anticipated to continue their ascent according to this report from the Associated Press. Currently the average rate on a 30 year mortgage has risen to 4.61 percent, up from 4.17 percent a month ago, and a 15 year fixed loan is up to 3.96 percent from 3.57 percent a month ago. Now is still the time to take advantage of low interest rates.
Thank you for visiting my blog! Miami Curb Appeal serves as the online journal of Realtor-associate, Gian Traina. This blog discusses a range of interests pertaining to Miami’s real estate market including, current market trends and statistics, information on our communities and neighborhoods, its development, mortgage news, the world of green homes, notes on anything of architectural significance, historic preservation, and will of course include lots and lots of pictures and videos of Miami’s beautiful homes. I’d like to invite you all to join Miami Curb Appeal, subscribe to my newsletter, and follow me on facebook. This network should prove valuable for anyone interested in our beautiful city’s real estate market, a great marketing tool for anyone selling property in South Florida, and a fun way to stay informed.