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Thursdays
& Fridays
11AM - 6PM
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Wednesdays
6PM
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Economic
Development Week
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May 8th-12th
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May 9th
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UNDER CONSTRUCTION
Giralda Place, an exciting mixed use project, will bring ground floor retail, office space and luxury residential units to the heart of Downtown Coral Gables. Located on Ponce de Leon and Giralda Avenue, this new addition to the central business district will include approximately 14,000 sq ft of retail/restaurant space, 58,000 sq ft of Class A office space, and 33 luxury residential units.
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"We need our corporate headquarters to be located in a global city, from where we can centralize management for the American continent. Without a doubt this move will help us in our objective of expanding even more in the USA over the coming years."
- Eduardo Cosentino, Executive Vice President of Global Sales and CEO of Cosentino North America
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The City of Coral Gables has partnered with Freebee, a fun and innovative electric vehicle shuttle service, to provide free door-to-door transportation throughout Downtown Coral Gables. The electric cars are expected to roll out this summer. Stay tuned.
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Economic Development Dept.
2121 Ponce de Leon Blvd., Ste. 720
Coral Gables, FL 33134
305.460.5311
business@coralgables.com
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"BUSINESS UPDATE"
BY EMAIL
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In recognition of national Economic Development Week, taking place the second week of May, the City will be celebrating the projects, programs and partners that enrich our community and enhance our quality of life. From the multi-million dollar investment in the Miracle Mile & Giralda Avenue Streetscape project, and strategic property acquisitions and joint ventures; to a newly adopted Downtown Retail Strategy, and the Permitting Assistance Program, we've been working hard alongside our economic development partners, such as the Coral Gables Chamber of Commerce and Business Improvement District, to continue to perfect the City Beautiful's status as a World Class City, with a Home Town Feel.
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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.
On Giralda Plaza, the ornate stonework is reminiscent of an Italian piazza. The Coral Gables Commission recently voted to close Giralda Plaza to cars as a pilot project for a two-year period, as requested by the majority of businesses and property owners on the street. Closing the street will allow for greater walkability, outdoor seating and dining all day, and an unrivaled place for people-watching. Get a taste of what the outdoor dining experience will be like with "Giralda Al Fresco," held every Saturday, on the newly installed pavers on Giralda Plaza. Visit
CoralGables.com/GiraldaAlFresco.
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Office vacancy increased slightly from 7.9% to 8.0% from Q4 2016 to Q1 2017, while asking rates went from $38.67 PSF to $38.68 PSF. Offizina, Giralda Place and 2020 Salzedo St are scheduled to be delivered to market between Q3 and Q4, 2017. Average vacancy and asking rates across the County for the same period was 9.1% and $33.73, respectively.
OFFICE SPACE
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Retail vacancy increased slightly from 1 % to 1.4% from Q4 2016 to Q1 2017 while asking rates decreased from $40.58 to $40.03. In comparison, the Brickell vacancy rate is 19.0% with asking rates at $96.43 PSF. Average asking and vacancy rates across the County for the same period were 3.5% and $37.32 PSF, respectively.
RETAIL SPACE
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Coral Gables is now one of only three cities in Florida, and the only one in Miami-Dade County, with three 'AAA' bond ratings from Fitch Ratings, Standard & Poors and Moody's. Conservative fiscal management, responsible debt policy, and a strong but diverse economic base are some of the key factors that contributed to the very positive ratings. The recent bond rating confirms Coral Gables' reputation as a safe, secure and financially stable community where business thrives. Its strong financial position means the City can continue to provide superior services and amenities, while continuing to invest in its infrastructure... all great reasons to invest and do business in the City Beautiful!
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