Coral Gables has always found itself creating an identity that’s unique from its neighboring cities in South Florida. From its lush canopies to its curated urban core filled with a vibrant array of culture and entertainment, the City Beautiful is laden with a wide variety of luxurious amenities and landmarks that make it a special place to live. While luxury abounds throughout Coral Gables, its residential market has also created a reputation that sets it apart from the rest of the region, making this one of the most intriguing areas for real estate due to its high quality of life and relatively lower cost of living.
The luxury market in Coral Gables continues seeing a positive trend where high-end apartments and condominiums shape its skyline and offer an urban product that’s easily distinguished from markets such as Brickell or Sunny Isles Beach. While these projects cater to young professionals and seasoned renters, the Coral Gables market remains strong in its ability to attract empty nesters who don’t want the high maintenance responsibilities of a single-family residence but seek the ease and security of living in a spacious townhome. Projects such as Biltmore Parc, Beatrice Row and now Althea Row, all found in MG Developer’s Biltmore Square community
between Almeria Avenue and Biltmore Way, have become a respite for urban dwellers who want to be steps away from a central business district but far enough where they can enjoy a tranquil lifestyle.
“Luxury townhomes in Coral Gables, especially new construction, have become a scarce commodity that only scratch the surface when it comes to satisfying the demand in this market,” says Daniel de la Vega, President of One Sotheby’s International Realty. “Much of this demand is coming from local buyers who are downsizing and want to enjoy an urban, yet relaxed atmosphere. We’re also seeing demand from residents throughout the northeast who want to settle in an area with favorable weather and taxes.”
As the market moves forward into a period of continued growth and delivery of new projects, MG Developer has remained one of the city’s most active developers, consecutively bringing a variety of carefully designed products online. “Our developments are designed to inspire residents and visitors with visionary architecture from around the world, elevating the local aesthetic while offering the latest and most innovative amenities inside each home,” said Alirio Torrealba, CEO of MG
Developer. “We’re able to set our projects apart from others in the market through the design of our low-lying developments which create a limited set of residences that provide the feeling of a traditional single-family home. It allows us to offer something that can be a challenge to find in Coral Gables, but one that empty nesters have enjoyed since coming across our projects. It’s also been popular among buyers who originally may have been searching for something similar in Miami Beach, but without the cost of living found in that area.”
According to Torrealba, the last installment of the Biltmore Square community is Biltmore Row, a set of 10 townhomes on the tree-lined thoroughfare of Almeria Avenue that will break ground next year. Althea Row, a limited set of five townhomes named after the mother of Coral Gables founder George Merrick, broke ground earlier this summer and is expected to be completed in 2021. Late last year, the firm delivered the London-inspired Beatrice Row on 744 Biltmore Way, selling out all of its units shortly thereafter. The 32-unit Biltmore Parc, which is the first installment of Biltmore Square, was brought to market in late 2017.