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MIAMI-Coral Gables-based Strategic Properties Group Inc. plans to break ground in the fourth quarter on Andalucia Corporate Plaza. The $72-million, 170,000-sf building will rise in the Coral Gables section.

The 17-story building, at 2263 Douglas Rd., will have 20,000-sf floorplates and will be in walking distance to the Miracle Mile, which has shops, restaurants and other attractions. The project is expected to be completed in 2009, 18 months after groundbreaking.

Strategic Properties Group president Henry Pino tells GlobeSt.com that the building will be located on a 1.7-acre site that currently contains a one-story, 10,000-sf building that will be demolished to make room for the new building.

Pino says Coral Gables is a good location for an office project because of high barriers to entry and the recent sale of some office properties for condo conversion. Both factors have restricted the amount of available office space. “The City of Coral Gables has been reluctant to approve office projects,” Pino says.

Strategic Properties is still in the process of obtaining financing for the project. Preliminary leasing efforts for the property have started with anticipated rental rates of $32 per sf. “We have been meeting with a few potential tenants,” Pino says. “We would welcome an anchor tenant with would have building signage rights.”

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