Allen Morris Co. has successfully secured $132.5 million in construction financing for Ponce Park, an 11-story, 58-unit luxury condominium development in Coral Gables, Florida. Bank OZK provided the loan, with Lotus Capital Partners facilitating the transaction. This significant funding marks a major step forward for the upscale residential project.
Key Takeaways
- Allen Morris Co. has obtained $132.5 million in construction financing for the Ponce Park condominium project.
- The development, located in Coral Gables, will feature 58 luxury units across 11 stories.
- Bank OZK is the lender, and Lotus Capital Partners arranged the financing.
- Construction began in December 2025, with an estimated completion in 2028.
- Sales are being handled by ONE Sotheby’s International Realty, with prices starting at $3.1 million.
Ponce Park Development Details
The Ponce Park project, situated at 3000 Ponce de Leon Blvd., is slated for completion by 2028, with construction commencing in December 2025. The building will encompass 154,000 square feet, including 22,000 square feet dedicated to ground-floor retail. Residences will range from one to four bedrooms, with expansive floor plans from 1,900 to over 6,500 square feet. These luxury units will boast features such as walk-in closets, soaking tubs, oak wood floors, smart home technology, and private terraces with summer kitchens. A penthouse collection will also be available.
Amenities and Community Features
Ponce Park is designed to offer a comprehensive lifestyle with a variety of amenities. Residents will have access to a rooftop area featuring two swimming pools, a cold plunge, a hot tub, an event space, and a bar. The development will also include a media lounge, a spa center, a fitness center, a courtyard, and over 15,000 square feet of green space. Additionally, Allen Morris Co. has committed to investing $9 million in renovations for the adjacent Ponce Circle Park.
Strategic Location and Market Context
The development is strategically located near Ponce Circle Park, local attractions, and retail centers. It offers convenient access to Miami International Airport (5 miles away) and downtown Miami (7 miles away). The project’s proximity to The Plaza Coral Gables, a significant mixed-use dining and shopping destination, further enhances its appeal. The Miami condo market continues to be a strong performer, attracting both domestic and international investors, with recent significant financing deals underscoring the sector’s robust activity.