Alta Developers has secured a significant $94.2 million construction loan to develop Cassia – The Residences at Coral Gables, a new 12-story, 174-unit luxury condominium project. This financing marks a major step forward for the upscale development located in Miami’s desirable Merrick Park District.
Key Takeaways
- Alta Developers has obtained a $94.2 million construction loan for Cassia – The Residences at Coral Gables.
- The project is a 12-story, 174-unit luxury condominium development.
- Completion is anticipated in 2027, with over 50% of units already sold.
- The development boasts high-end finishes, extensive amenities, and a prime location near luxury retail and transit.
Cassia: A New Standard in Coral Gables Living
Cassia – The Residences at Coral Gables, situated at 4011 Salzedo St., broke ground in March and is projected to be completed by 2027. The 170,141-square-foot property offers one-, two-, and three-bedroom units ranging from 662 to 1,461 square feet. Prices for these residences start at $800,000, with Cervera Real Estate managing exclusive brokerage.
Designed by Behar Font & Partners, the condominiums will be delivered fully furnished with curated selections from RH (formerly Restoration Hardware). Interior features include European appliances and Italian cabinetry by Italkraft, ensuring a sophisticated and turnkey living experience.
Unparalleled Amenities and Location
Residents at Cassia will have access to over an acre of meticulously designed indoor and outdoor amenities by IDDI. These include a resort-style pool and deck, outdoor barbecue areas, a wellness spa with an indoor pool, dry sauna, steam spa, treatment room, and state-of-the-art fitness studios. The building will also provide front-desk reception, an executive lounge, and a business center.
The development’s strategic location adjacent to The Shops at Merrick Park places residents within a premier luxury shopping destination, featuring anchor stores like Neiman Marcus and Nordstrom, alongside numerous high-end retailers and dining options. The property also offers convenient access to public transportation, with an eight-minute Metrorail ride to Brickell’s financial district and a three-minute ride to the University of Miami.
Alta Developers’ Proven Track Record
Led by principal and CEO Raimundo Onetto, Alta Developers has a substantial history in the South Florida market, having delivered over 4,000 units. The company is currently developing several other notable projects, including Casa Bella Residences by B&B Italia, a 56-story tower in Miami’s Arts and Cultural District, for which they secured a $240 million construction loan in late 2023. Other ongoing projects include Alana Bay Harbor Islands, Alta New River, and Crest at Pinecrest, among others.