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Feb 23 |
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Development Review Committee
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Board of Architects
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Mar 15 |
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Development Review Committee
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Mar 25 |
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Commission Meeting
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Jazz up your lunch with free live music every Wednesday through March 30th at the Coral Gables Museum plaza.
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POST-RETIREMENT
ENTREPRENEUR WORKSHOP
Informational workshop for those 50+ who wish to start a business as they near or enter retirement.
Wednesday, March 2, 2016
Coral Gables Museum
5:30 - 7 p.m.
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Economic Development Dept.
WE MOVED!
2121 Ponce de Leon Blvd., Ste.720
Coral Gables, FL 33134
305.460.5311
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QUOTE, UNQUOTE
"Coral Gables' active business community, acclaimed restaurant scene and spirit of innovation is exactly the type of environment that fits with Pipeline's dynamic shared workspace full of entrepreneurs and professionals."
Philippe Houdard, Co-Founder of
Pipeline Coral Gables
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UNDER CONSTRUCTION
The 171-room Aloft Hotel is being built on Le Jeune Road near the entrance to Miracle Mile.
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Subscribe to receive the
"BUSINESS UPDATE"
coralgables.com/businessupdate
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For the first time, Coral Gables has surpassed the 50,000 population mark. New mixed-use developments are being built that allow residents to work, shop and play just a short walk from home. In addition, the City is embarking on major initiatives that improve the quality of life. Today, Coral Gables offers amenities only found in much larger cities. But we're also working hard to maintain our hometown feel and quality of life. South Florida is one of the fastest growing regions in the nation, and there's a lot of competition out there. We can't rest on our laurels. We have to do what we do best... be Coral Gables.
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Preliminary work has begun on the $25 million Miracle Mile and Giralda Avenue Streetscape Project that promises to transform the heart of Downtown into a vibrant world-class destination. In late February, crews will begin pruning and removing unhealthy trees, and water mains will be replaced in April/May after business hours for minimal impact. Major construction work is scheduled to start in June with the installation of pavers in half-block increments to minimize disruption to merchants and customers. Below is an updated work phasing chart.
NEW! Centralized valet parking rates were reduced to $5 during the project, and a public information officer is going door to door visiting merchants. For updates, call 786-437-6689.
NEW! The City has waived permit fees and is assisting properties within the streetscape project area that are making improvements to their façades or private sidewalk pavers during construction. For more information, contact Jorge Pino, the City's mobile permit service coordinator, at 305-460-5272 or jpino@coralgables.com.
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BUSINESS TRENDS
Coral Gables' commercial real estate market ushered out 2015 on a healthy note. Office leasing rates were $36.20 PSF entering the final quarter, while vacancy rates dropped to 8.9%. But the year also closed with the Federal Reserve raising rates by .25%. So what does this mean for the local real estate market in 2016? As interest rates increase and real estate capitalization rates hover around the single digits, real estate investors could begin to get cold feet. But there is reason be optimistic. The Fed rate is still considered low, making financing rates favorable, and Coral Gables continues to see robust sales and leasing activity, mainly in first tier real estate assets. One can view the recent interest rate hike as a sign of the Fed's confidence in the country's growth, opening further doors for future investments.
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HOSPITALITY
Coral Gables' 16 hotels generated nearly $79.3 million in total revenues last year, up from less than $74.1 million in 2014, according to the Greater Miami Convention and Visitors Bureau (GMCVB). Average daily room rates (ADR) rose from $156 in 2014 to $163 last year. The average occupancy rate for the City's 1,779 hotel rooms remained at about 77%. Last year, more than 21.2 million passengers flew in and out of MIA, compared to fewer than 20.1 million in 2014, a 5.5% increase. With 740 new hotel rooms in the works, Coral Gables is poised to capitalize on South Florida's growth as a popular international destination.
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In 2015, the average occupancy rate remained at about 77%, while the average daily room rate (ADR) rose from $156 to $163 and the revenue per available room rose from $121 to $126. (Data courtesy of GMCVB)
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DEVELOPMENT PIPELINE
The City of Coral Gables is making it easier to track major development projects proposed or approved in the City. For projects under review, including status, renderings and location, visit
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Development projects by size and type.
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