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CORAL GABLES, FL-The locally based Allen Morris Co. has reached an agreement with developers to build the office portion of the Old Spanish Village development. An Allen Morris Co. spokesperson tells GlobeSt.com that construction is expected to begin summer 2008 on the proposed 15-story, 215,000-sf office building, to be called Ponce de Leon Towers, at 2801 Ponce de Leon Boulevard. The project, which will replace an existing 37-year-old office building on the site, is expected to be completed in 2010.

The building is part of the Old Spanish Village development, a seven-acre development on the eastern curve of Ponce Circle Park being undertaken by Ponce Circle Developers, a joint venture of the Sanchez Group Inc. and the Mas Group. The project will consist of condominiums, townhomes, office space, retail space in a village setting with cobblestone streets, old Spanish street lamps, landscaping and fountains.

Ponce de Leon Towers will be the new world headquarters of the Cisneros Group of Cos., which will occupy three floors of the building. Cisneros Group is a media, entertainment, technology and consumer-products organization. No other tenants have been signed for the building. The Allen Morris Co. will own, manage and lease the new building.

“The proposed Ponce de Leon Towers is intended to be the next generation world class office building inspired by the famous 15th century Gothic Cathedral of Barcelona,” says the Allen Morris Co. chairman and CEO W. Allen Morris. “In the same way the cathedrals are the centerpieces of the European towns and cities, Ponce de Leon will be the inspiring centerpiece of the Old Spanish Village facing the Ponce Circle Park.”

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