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CORAL GABLES, FL-Five months after going on the market, Plaza San Remo, a $48-million medical/professional office condominium project planned for the southern end of the city has sold out and groundbreaking is scheduled for January.

The 100,000-sf, seven-story project, being developed by Venera Holdings LLC, is slated for a 2.5-acre site on the east side of Red Road and bordered by San Remo and Venera avenues one block south of US Highway 1. Venera Holdings is a partnership of banker and investor George Scholl and Ford Gibson, a more than 20-year commercial real estate industry veteran and president of both Venera Holdings and San Remo Developments LLC, which Gibson formed in 2003. Gibson is formerly president of Codina Group.

The office condos range in size from 1,200 sf to 20,000 sf. Twenty-year-old, Miami-based Kenneth Weston & Associates Inc. is handling sales and marketing for Plaza San Remo. Space was offered for $285 and $305 per sf, or roughly $350,000 to $6 million. Gibson says he expected the success they experienced in sales, with the project selling 60% of the space in the first two weeks.

The anchor retail tenant is Whole Foods Market, which is taking 50,000 sf. Other tenants include dentists, plastic surgeons and dermatologists. The project offers five parking spaces per 1,000 sf.

“The medical office market is thriving,” according to Kenneth Weston, president of Kenneth Weston & Associates. “This trend is particularly strong within the medical profession. The concept of Plaza San Remo was developed to meet the specific demands of the medical market.”

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