The Allen Morris Company has announced plans for a 16-story tower in Coral Gables called Ponce Park Residences.
Ponce Park Residences will include 171 residential units with retail and restaurant space on the ground level. A .75 acre open-air space with an urban park dedicated to the City of Coral Gables will also be built as part of the project.
The design of the building is said to be inspired by George Merrick’s Coral Gables City Hall and its coral rock rotunda and arcade.
The podium façade will be covered with natural stone, above which the building tapers back significantly to the project’s slender 80-foot-wide upper floors.
The ground floor area will include a retail-lined pedestrian paseo joining the park, a double ceiling height arcade modeled after the historic Hotel Colonnade on Miracle Mile, dozens of shade trees, multiple water features and various seating areas.
Ponce Park Residences will include residences with 1 to 3 bedrooms, ranging in size from 750 sq. ft. to over 1,780 square feet. Ceiling heights will be 10 to 12 feet, with floor-to-ceiling windows.
The Allen Morris Company, which is headquartered in Coral Gables, will contribute $2.4 million to the city to pay for the creation of the park. The company will also cover maintenance of the park at no cost to the city.
The developer will also donate an additional $1 million towards the beautification of the Fred B. Harnett (Ponce Circle) Park, and contribute over $330,000 to the city’s parking fund.
The project has already passed review by multiple Coral Gables boards.
Groundbreaking is anticipated for Q4 of 2021 with an expected completion date of Q3 2023.
Oppenheim Architecture firm is the architect, with Naturalficial designing the development’s 31,470 sq. ft. open-air greenspace.