The Building on Ponce, a Modern Mediterranean Class A office building, is located on Coral Gables’ most notable business address, Ponce de Leon Boulevard and consists of a six-story office tower with 60,000 square feet of Class A office space and ground floor retail with drive-thru teller capacity for a bank user. The Building has over 3 parking spaces per 1,000 square feet and features a beautiful 6,000 square foot roof top terrace available for tenants to enjoy.
The Building features a striking architectural design. Among its many architectural components is a true, floor to ceiling curved glass curtain wall on the southeast corner of the building. Additionally, with a true commitment to the environment and overall sustainability, The Building achieved LEED certification awarded by the United States Green Building Council (USGBC).
Located in Coral Gables, FL, The Building is minutes away from Miami International Airport, Downtown Miami, and Brickell, making its location perfect for business synergy and efficiency. Coral Gables offers a true downtown environment with services, restaurants and over 175 multi-national corporations within walking distance of The Building. With its affluent population, Coral Gables has long been viewed as a haven of economic stability in South Florida’s varied and volatile marketplace.
The project experienced a strong pre-lease demand with 65% before commencement of construction. Among the pre-leases entered into were Zubi Advertising and Mas Group of Companies. The Building was delivered in June ’12 at an anticipated 68% occupancy. On January 2014, AJP Ventures sold The Building on Ponce to an institutional investor for $26 million, setting a record high on price per square foot for an office building in the City of Coral Gables.
Land Acquisition: $2,270,000
Development Costs: $362,000
Construction Costs: $9,285,000
Total Project Costs: $18,100,000
Per RSF Project Cost: $301.66
Market Value @ Stabilization: $26,100,000
Per RSF Stabilized Value: $450.00
Project Start Date: May 2011
Land Acquisition Date: April 2011
Construction Start Date: July 2011
Pre-Leasing Completion Date: April 2011
Construction Completion Date: June 2012
Project Leasing Completion Date: TBD
Permanent Loan Closing Date: September 2011
Project Sale Date: January 2014
Developer: AJP Ventures Corporation
Contractor: SouthPointe Construction, Inc.
Property Manager: AJP Ventures Corporation
Architect: Bellin+Pratt, LLC