Coral Gables Real Estate Explodes

Coral Gables real estate is rebounding with at least seven new luxury apartment and office buildings being developed around the downtown core. Many projects proposed during the housing boom in the last decade were put on hold when the economy slowed and the fact that construction is beginning in Coral Gables is a sign that a rebound has begun.

Developers and lenders have invested a quarter-billion dollars in financing toward these projects that are either under construction or scheduled to break ground soon. Over the next three years, more than two million square feet of new space will occupy locations around Ponce De Leon Boulevard. These new projects could bring up to 1,000 new residential units and dozens of new businesses and restaurants to the area.

The affluent population proximity to Miami International Airport and business district that includes more than 175 multinational companies make Coral Gables attractive to developers.

Here's a look at the Coral Gables properties from the Miami Herald:

396 Alhambra - Scheduled to open before the end of the year, 396 Alhambra is a 15-story tower that will house 273,000 square feet of office space

Gables Ponce Apartments - 250 units and a ground floor of retail space is planned to go to market next year

The Building - This mixed-use 58,000 square foot building will open in 2012 and prices are about $40 per square foot

Old Spanish Village - Still waiting on finalized plans for the space, the plot is approved for more than 70,000 square feet of townhomes and retail space

Ponce De Leon Towers - This 16-story office tower will begin construction after 50% of the space is pre-leased

Residences at Vizcaya - These eighteen ultra exclusive condo residences for sale with a marina on Biscayne Bay have just been completed with several amazing units left for sale