Allen Morris Co. has successfully completed demolition at the future site of Ponce Park in Coral Gables, marking a major milestone for the luxury residential development. With the site cleared, the project is now transitioning into the site work and vertical construction phase, with completion anticipated by early 2028.
Key project takeaways
- Demolition is finished at the 3000 Ponce de Leon Blvd. site.
- A new on-site sales gallery is scheduled to open in the coming weeks.
- The tower will house 58 bespoke residences and 25,000 square feet of retail.
- The development includes a significant $11 million renovation of the neighboring Ponce Circle Park.
Paving the way for vertical construction
The completion of the demolition phase follows a successful groundbreaking and the securing of a $132.5 million construction loan from Bank OZK. This financial backing has solidified the path forward for the 11-story boutique tower. As the project moves toward its next phase, the developer is preparing to unveil a new on-site sales gallery that mirrors the high standards of the final luxury product, offering prospective buyers a tangible look at the upcoming development.
A new standard for luxury living
Ponce Park is designed to redefine boutique living in the heart of Coral Gables. The tower will feature 58 residences, ranging from 1,900 to over 6,500 square feet, characterized by 11- to 12-foot ceilings and private elevators. The interiors, curated by the internationally acclaimed firm Meyer Davis, blend modern refinement with classic European-inspired details. Each unit will boast expansive terraces equipped with summer kitchens, ensuring a seamless indoor-outdoor lifestyle.
Amenities and community enhancement
Beyond the residential units, the development aims to integrate itself into the local fabric through its curated retail space and public realm improvements. Ground-level retail will be anchored by the acclaimed Madrid dining institution, QuintÃn Ultramarinos, which is set to open in 2028. Residents will have access to an extensive suite of amenities, including a rooftop pool, sky bar, fitness studio, and a meditation courtyard. Furthermore, the Allen Morris Company is partnering with the City of Coral Gables to invest $11 million into the renovation of the adjacent Ponce Circle Park, significantly enhancing the neighborhood streetscape for all residents.