With Citibank signing the initial lease on the273,000-square-foot, class A building for 10 years with fourfive-year extensions, leasing at 396 Alhambra is expected to gainmomentum as larger tenant prospects look for new space beyondDowntown Miami. Coral Gables is considered a quieter, lesscongested alternative to Brickell Avenue and other parts of thecentral business district.

The new tower is being developed by Eddie Avila and HectorFernandez, principals of 396 Alhambra LLC, with financial backingby Agave Florida Investments LLC, the Mexican real estate arm ofpopular tequila brand Jose Cuervo. The developers are financing themajority of the $140-million project, says Darryl Robinson, thebuilding's leasing agent and founding principal of Miami-based OakHill Advisors.

"What makes this project unique is the ownership's commitment tothe Gables," Robinson tells GlobeSt.com. "They are extremelybullish on South Florida and felt that this was one of the lastdevelopable sites in the Gables, in a market that hasn't beenoverbuilt."