X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.