I have been tracking the “Old Spanish Village” project located on Ponce de Leon Boulevard since 2009. Back then plans were in the works to develop a gated community of luxury townhomes and condos. It was a joint venture between Ralph Sanchez and Mas Group. In December of 2010, the project fell victim to the recession and was placed on the market for sale. In July of 2011 it was sold for $30.55 million to Agave Holdings which also built 396 Alhambra Circle, a LEED certified building.
The Miami Herald reported yesterday that Agave will submit plans to the City for another luxury townhouse & condo development including a 5 star hotel and high-end retail and restaurants. They also plan to increase the amount of green space that the previous builders planned for the site.
The completion of this project would be great for the downtown area of Coral Gables. I will keep you posted with any new developments!
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