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CORAL GABLES, FL-With approval from the city and funding in place, Fort Lauderdale-based developer Weitzer Communities broke ground on the 36-unit Villa Alhambra at 32-50 Alhambra Circle.

The four-story project will contain 24 single-level and 12 two-story townhouse units. They will range in size from 1,157 sf to 2,860 sf. The property is located adjacent to the Las Palmas restaurant and close to Galiano Street. Weitzer received $18 million in funding from Wachovia Bank for the project earlier in the year. All but one of the single-story units and three or four of the townhouse units have been sold. Prices ranged from the $400,000s to more than $1 million.

Weitzer partner Jim Rosewater tells GlobeSt.com that foundation work on the project began last week. It will take about 12 to 14 months to complete. “We’re optimistic that, even if we complete the building with some units unsold, we’ll still be in good shape on the project,” he says.

In addition to Villa Alhambra, Weitzer is developing two other condominium projects in Coral Gables. Villa Zamora, which has received $14.4 million in funding from Wachovia Bank, is a five-story, 38-unit complex at 118 Zamora Ave., and Valencia Grande, which has received $20 million in funding, is five-story, 32 unit complex at 650 Valencia Ave. Construction began on Valencia Grande earlier in the year and construction is expected to be completed on Villa Zamora by late 2006 or early 2007. The company is also developing Tao, which will contain 396 units in two, 26-story towers in Sunrise. Rosewater says Weitzer expects to top off the project by the end of the year.

“All four of our projects are under construction now,” says Rosewater. “We believe there is still a substantial desire to live in South Florida. If you have the right product in the right location, it will sell.”

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