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CORAL GABLES, FL-Hoar Construction of Birmingham, AL has begun construction on 2525 Ponce de Leon, a 12-story, 250,000-sf, class A office building here. The project’s developer is Hines, an international, privately owned real estate development, acquisition, leasing and management company.

The building’s ground-breaking is the start of the development of a city block that also will include condominiums, retail space, a public garden and parking. On part of the site is 2511 Ponce de Leon, a 100,000-sf, six-story office building that Hines is renovating and incorporating into the new mixed-use development. This area also will be the site of Dayco’s planned 103-unit Andalusia luxury condo project.

The office building is scheduled to be completed in the third quarter of 2004. It will be located on a 3.5-acre site at Ponce de Leon Boulevard and Andalusia Avenue, a block south of Miracle Mile. The building has an estimated hard construction cost of $37.5 million, based on industry estimates.

The law firm Adorno & Yoss has signed a lease for 45,000 sf for 12 years in the building, where rental rates range from $32 to $34 per rentable sf. This would make that deal worth an estimated $17.3 million, although the value was not disclosed. Adorno & Yoss plans to move more than 200 employees to the building from its main office in Coconut Grove.

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