The Coming Coral Gables Retail Revival

MIAMI-Coral Gables is clearly experiencing a spillover effect from Downtown Miami and Brickell. In part one of this exclusive interview, GlobeSt.com caught up with Peter Torres, vice president of The Astor Companies—the developer of Merrick Manor—to discuss that spillover effect. Click here to read part one of this interview if you missed it.

In part two of this exclusive interview, Torres discusses what makes Merrick Manor unique among the nearly 100 new condo towers in the works across South Florida and the prospects for a retail revival in Coral Gables. He also discusses what's next for Astor Companies.

GlobeSt.com: There are nearly 100 new condo towers in the works across the South Florida region. What makes this project unique?

Torres: Merrick Manor is Coral Gables' only new-to-market luxury condo available right now—and what makes this project so unique is the value that buyers are getting. With preconstruction prices ranging from the mid-$200s to $1 million, there is nowhere in South Florida that offers the quality of product that we are offering at our price points.

GlobeSt.com: In Downtown Miami, we saw the residential market's comeback revive the area's commercial and retails markets. Do you think the same thing will happen in the Gables?

Torres: Absolutely, it's already happening before our eyes. The Coral Gables lifestyle is unlike any other—the last year has really seen an uptick in activity in both the commercial and retail markets. Some of the biggest multinational corporations in the world have recently made the move to relocate their Latin American headquarters to Coral Gables, including HBO Latin America, Mondelez International (formerly Kraft Foods), and Diageo, to name a few.

We are starting to see more retail activity follow suit. Trendy South Beach hotspots are choosing to open up shop in the Gables, with some even relocating to the neighborhood entirely. Most recently, Lincoln Road's popular eatery Sushi Samba announced that it will open a second location in Coral Gables sometime in April. Other popular additions to the area include, Swine Southern Table & Bar (from the owners of Yardbird), Eating House, Bread and Butter, Shake Shack, Pao Town (from the owners of Sushi Maki), and the Local Craft Food & Drink.

Not to mention, Coral Gables is home to some of the best shopping in Miami—with the Village of Merrick Park and the dozens of boutiques and shops along Miracle Mile—it's no wonder people want to live here.

GlobeSt.com: What's next for the Astor Companies? Any new projects on the horizon?

Torres: With demand for condo living going strong in downtown Miami and a dwindling inventory, The Astor Companies is excited to be releasing 59 units in luxury high-rise Nordica. Developed in 2007, Nordica is one of our most successful developments to date. Located seconds away from the heart of Brickell Avenue but out of the center of the Financial Districts daily gridlock, the tower is the perfect place for residents who want to live in a well-located urban setting. It is easy to access—right on Miami's lush Coral Way, near Interstate 95 and the Rickenbacker Causeway.

All of the common areas are being re-designed by award-winning designer Michael Wolk, complimenting existing building amenities that include a gym, party room, conference room, restaurant and retail on the ground floor.