A much-anticipated milestone is within reach. After 12 months of vertical construction, two of the four midrise buildings that make up The Plaza Coral Gables will be “Topped -Out” in 30 days. The final concrete pour for the Class “A” office building “2811 Ponce”, facing Ponce Circle Park, and the residential building with apartments for rent, facing Sevilla Av., will take place this month. Final completion for these two elements of the project is slated for Summer of 2020. An average of 275 plus workers per day, lots of planning and lots of hard work, have made this possible. It is a noteworthy accomplishment, but much more remains to be done.
We now focus some of our efforts towards the foundation work in the Central Parcel. The City of Coral Gables issued a master building permit for this phase of the project last month, giving us the ability to keep the momentum going. Auger-cast piles have started which puts us in a position to meet our goal of a December 2020 completion for the Central parcel.
Equally important is the progress that has been made with the off-site utilities that service the project. FPL is halfway done with the duct bank installation on Sevilla Av., and the sewer improvements along Galiano are almost finished. The complexity of the project is both above and below the surface.
Our design team is now wrapping up the South parcel construction documents which will lead us right into the permitting process for the final phase. All the pieces of the puzzle are identified and the exciting process of putting them together is happening now!
LEASING SCOOP:
As Phase I of The Plaza Coral Gables “Tops-Out”, we continue to work with potential tenants to create a vibrant community center within The Plaza. For the retail element, we are focused on curating fitness, food & beverage, and entertainment concepts that welcome our neighbors to linger and enjoy the property. Our focus for the office elements is on creating a tenant mix that represents Coral Gables, South Florida, and the larger international business community.
We are pleased to announce that BAC Florida Bank has recently decided to relocate their headquarters to the south office tower “3011 Ponce” at The Plaza. BAC will be moving to the top three floors of the eight-story office tower with 63,000 Square Feet (equivalent to 38% of the south tower total square footage). We are excited for them to join us at The Plaza Coral Gables in 2022.