The Coral Gables Downtown Event Series will return to The Plaza at 150 Miracle Mile, courtesy of the McBride Family, in October. Be on the lookout for a schedule full of fun exercise classes, an exciting line up of musical options and great movies!
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UNDER CONSTRUCTION
The Sunset Office Building, located at 1515 Sunset Drive, with its a Parisian-style design is scheduled to be the first LEED Platinum Luxury Class A office building in Coral Gables. This development will offer over 60,000 square feet of office space along with 9,000 square feet of retail and restaurant space. The unique design allows for a 250 space parking garage with floor level access to office space. In addition, the site features a bank drive thru from San Ignacio to Sunset Drive.
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QUOTE, UNQUOTE
"Downtown Coral Gables' mix of modern metropolitan offerings and unique, historic charm made it the ideal location for me to call home."
- Antonio Bachour, Chef / Owner Bachour Bakery to open at
220 Salzedo Street in 2018
*South Florida Business Journal
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The City of Coral Gables has partnered with Freebee, a fun, free and green shuttle service providing on-demand rides throughout Downtown Coral Gables. After downloading the app, Freebee can pick up and drop off passengers anywhere within the Downtown service area. Visit www.rideFreebee.com.
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Economic Development Dept.
2121 Ponce de Leon Blvd.,
Ste. 720
Coral Gables, FL 33134
305.460.5311
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"BUSINESS UPDATE"
BY EMAIL
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With the Streetscape Project nearing completion, the City Beautiful is once again focusing its attention on the recruitment and retention of multinational corporations to Coral Gables. Currently home to more than 150 multinationals, with nineteen foreign government offices, the City looks to expand its presence on the global business stage by bringing in new businesses and corporations from top industries, such as tech, health care and finance. A true gateway to Latin America and only 5 minutes from MIA, Coral Gables is ready to expand on its storied past and thriving present, engaging with future generations of businesses and business leaders. A true work, play, live destination, with lush vegetation, a bustling downtown, and stunning residential communities, we are certain that the business leaders of tomorrow will see Coral Gables as a key building block on their roads to success.
- Javier A. Betancourt, Dir.,
Economic Development Dept.
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The City's Streetscape project is taking shape on Miracle Mile and Giralda Plaza. On the south side of the 100 and 200 blocks of Miracle Mile, extended sidewalks in hues of blue, grey and white are a magnet for pedestrians. A block party and ribbon cutting ceremony is being planned for Friday, May 19, from 5 to 8 p.m.
The summer brought exciting advancements to the streetscape project, with the unveiling of the 100 and 200 south side blocks of Miracle Mile, which were feted with a grand celebration in May. Highlights of the event include a champagne toast, performances by Actors' Playhouse and UM's Frost School of Music added a delightful touch to an evening on the Mile. A rousing march down the Mile led by the Coral Gables Senior High School Marching Band culminated the event. In July, the second celebration of the Mile hosted by the Business Improvement District, featured an evening of Beauty and Fashion on the "000" south side block of Miracle Mile. Wine tastings, bites, tips and trends were offered by local businesses along the block, as special guest Andrea Chediak, fashion correspondent for Univision, shared her favorite looks of the season. With the south side of the Mile now complete, attention has turned to the north side which is scheduled for completion by January 2018. Also nearing completion, Giralda Plaza will soon celebrate with its own grand opening in September 2017. For more information, visit
www.gablesstreetscape.com
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OFFICE SPACE
Office vacancy increased slightly from 8.0 to 8.1% from Q1 2017 to Q2 2017, while asking rates decreased slightly from $38.68 PSF to $38.57 PSF. Offizina, Giralda Place, 1515 Sunset and 2020 Salzedo Street are scheduled to deliver 284,000 SF of new office space to market between Q3 and Q4, 2017. Average vacancy and asking rates across the County for the same period were 8.8% and $33.99, respectively.
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RETAIL SPACE
Retail vacancy increased slightly from 1.4% to 1.5% from Q1 2017 to Q2 while asking rates decreased to $39.09 from $40.03. Coconut Grove vacancy rate is 4.7% with asking rates at $50.93 PSF. Average vacancy and asking rates across the County for the same period were 3.7% and $25.75 PSF, respectively.
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MULTI-FAMILY RENTAL
Multi-family rental vacancy rates were at 6.1%, showing a projection of 3% rent growth with an average asking rate of $1,892 per month.
There are approximately 600 MFR units under construction in the submarket.
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