120 Giralda Avenue in Coral Gables has just secured a $6.25 million loan to move forward with a retail and restaurant project.
With their mortgage secured from City National Bank of Florida, 120 Giralda LLC, controlled by Marc and Barry Schwarzberg of Maven Real Estate, will be redeveloping the existing building.
Katherine Kallergis at the Real Deal reported that the renovation calls for 14,534 square feet of commercial space with a rooftop restaurant and 3,000 to 11,000 square feet of space on the ground floor. Coyo Taco and Puña, a new restaurant by Miami chef Jorge Ramos, will be tenants at the building with Puña taking about 5,000 square feet of indoor and outdoor space on the rooftop. The building is set to open in the third quarter of next year, according to a release.
Earlier this year Giralda Avenue was closed to cars as part of the city's $21 million streetscape project, which includes Miracle Mile. The goal is to create a pedestrian-friendly experience with garden areas, outdoor dining, improved lighting and public art.
Last year a study lead by consulting firm Downtown Works concluded Coral Gables has an authentic downtown with a good scale for retail. However, they also identified several weaknesses of Coral Gables' main streets. Namely "building colonnades that reduce storefront visibility and accessibility and a cluster of bridal stores that do not attract repeat customers and do not serve local customers well."
The Real Deal also interviewed Francesca Valdes, a business development specialist with the City of Coral Gables who is heading up the mission to reshape the retail mix in downtown Coral Gables. The former Tiffany & Co. spokesperson says, “we have five targets: women’s and men’s apparel, women’s and men’s accessories, athleisure, chef-driven restaurant concepts and home design stores. That is the trend successful downtowns are following.”