Gables Station

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SITE PLAN

Property Address

Gables Station
251 S Dixie Hwy
Coral Gables, FL 33133

Available

Retail/Restaurant Space:

±2,946 sf

±5,200 sf

Demo Snapshot (3 mile)

Population: 172,600

Daytime Population: 170,800

Average Income: $106,000

Pricing

Please contact us by email or by phone: 305.576.9008

Property Highlights

Anchored by Life Time Athletic, a 4-story luxury fitness club totaling 90,000 sf

5 levels of parking with 977 spaces

500 residential units in 3 towers

Retail GLA: ±125,000 sf

Traffic counts:
–  81,500 vpd on S Dixie Hwy
–  21,100 vpd on Ponce de Leon Blvd

Steps from The Shops at Merrick Park

Adjacent to The Underline

Down the street from University of Miami

Average household income of $111,300 within 1-mile radius

Over 2,300 residential units in the development pipeline in the Merrick Park neighborhood

Estimated Delivery: July 2020

Neighboring Retailers

– Nordstrom
– Neiman Marcus
– Crate & Barrel
– The Collection
– Miele
– Equinox
– Robb & Stucky
– Tesla

Coral Gables Magazine  |  Fall 2019

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It Makes a Village

Once an Industrial Warehouse District, the Area now Known as Merrick Village is Becoming the Gables’ New Multi-Family Bedroom Community, with Thousands of Units Under Construction

By Doreen Hemlock  |  Fall 2019  |  Coral Gables Magazine

When Frank Trabold was growing up in Coral Gables, he remembers the area around Bird Road and South Dixie Highway as industrial. You’d drive by and see auto shops and warehouses, but you wouldn’t head there to have fun or walk around.

Now, Trabold is investing more than $50 million in that area, completing a 10-story building with 120 rental apartments above and retail below. He’s excited to be part of a fast-emerging neighborhood where residents stroll, shop, dine, and hop on public transport. “When you’re on the streets in the area, it’s quiet and private, because there’s not a lot of transient traffic. People feel safe walking their dogs,” says Trabold, a principal at Terrace Mountain Investors. “It’s a nice walkable area.”

Trabold’s venture – The Henry, named for Florida real estate pioneer Henry Flagler – exemplifies the transformation of a stretch of Coral Gables now referred to as the Village of Merrick Park neighborhood. A triangle of land bordered roughly by Bird Road, Le Jeune Road and U.S. 1, the area began changing with the 2002 opening of the upscale Shops at Merrick Park. It’s booming today because of a decade-old zoning change that allows mixed-use development in the industrial district, with retail downstairs and housing above.

“We have about 1,500 residential units now, with the addition of Merrick Manor, and we’ll be delivering some 2,000 more in or on the edge of the neighborhood by 2022. The market is on fire,” says Myles Stepner, an associate with real estate firm Avison Young.

New projects run the gamut from the $330 million, three-tower, 500-unit apartment Gables Station being built adjacent to the Metrorail, to Baptist Health’s just announced plan to develop a senior citizen community at 250 Bird Road near Ponce de Leon Boulevard. Developers like Trabold are busy tearing down older one- and two-story structures and replacing them with residential-focused buildings, mostly mid-rises. The new housing is attracting young professionals, young families, executives relocating to Miami, empty nesters, and folks linked to the University of Miami. Residents like the central location, with easy access to downtown Miami and UM by Metrorail, plus proximity to downtown Coral Gables and to Miami International Airport – at a price generally lower than the Gables’ Miracle Mile area and with less density and a mellower vibe than Miami’s Brickell corridor.

Most of the housing projects rising in the Village area consider the Shops as an amenity. The multi-story mall now has grown to some 100 tenants, including high-end stores, a movie complex and fitness centers. Its first direct housing spinoff was the adjacent Residences at Merrick Park, built in 2003 and offering 120 apartments in mid-rise buildings, with ground-floor retail.

As the area’s mixed-use zoning took off, the next wave of projects also centered on apartments targeting young professionals. Those included One Village Place, a 112-unit building opened in 2008 at 4100 Salzedo St., with retail below and plenty of two- and three-bedroom units above. Apartments there now list for rent from about $2,600 to $4,000 per month and for sale from almost $300,000 to $1.1 million. Next came Gables Ponce, at 310 Granello Ave., which added 370 apartments in 2013, followed by Berkshire Coral Gables and Modera Douglas Station, both on Bird Road, which added 278 and 262 apartments, respectively, in 2014 and 2015.

Nowadays, projects in the Village marketed more broadly, even to seniors. Nonprofit healthcare provider Baptist Health South Florida announced plans this spring to develop a 2.8 acre site on Bird Road with Houston-based Belmont Village Senior Living, a specialist in communities for the over-55 set. Details have yet to be announced, but the partners say they aim to start construction in 2020 and take two years to build residences that offer seniors independent living, assisted living, and memory care.

Perhaps the most ambitious venture in the triangle is Gables Station, with 500 apartments and 125,000 square feet of retail, anchored by a 90,000 square foot Lifetime wellness center offering a gym, salons, and co-working space. NP International plans to open late next year.

“I consider the location really to be a convergence point for Brickell, Coconut Grove, Coral Gables, the University of Miami, and South Miami,” says Reynolds. “The intent is to take this underutilized, lack-of-master planning corridor and turn it into something more of a boulevard.” He sees Gables Station becoming a destination for residents on both sides of U.S. 1 because of its ample outdoor spaces, public art, and links to the Underline park planned for the pathways beneath the Metrorail.

Not all Village projects are big, of course. Roger Development plans Laguna House, a roughly $15 million, deluxe condo venture near the Shops. The group had proposed just 13 condos above ground-floor retail, each unit half a floor or larger, and slated to sell for $1.5 million and up. Now, it’s looking to “broaden the market for a wider range of buyers,” perhaps offering some two dozen units from studios to three bedrooms, says executive Oscar Roger Jr. “Ideally, we’d like to start construction within the next year,” says Roger Jr., calling the area “a hot destination.”

Also on tap for visitors: an upscale hotel adjacent to the Shops. Hersha Group of Pennsylvania already has some city approvals for the project, initially intended to rise seven stories, offer 135 hotel rooms and cost $35 million.

For architect Burton Hersh, the Village development is a more sustainable turn toward new urbanism, where people live, work and play in the same area, walking more and driving less. He collaborated with the city and developer George de Guardiola on the mixed-use “overlay” of the industrial area.

Hersh says that in the early 2000s, de Guardiola – a new urbanist known for the Abacoa planned community in Palm Beach County – started buying up land in Merrick Park, picking up the former Deel Ford property. He hired Hersh’s firm to work on urban design. They advocated for mixed-used zoning and secured it. Hersh also designed two 10-story buildings for the property, but de Guardiola later sold the land. One design was pursued by a different developer and then modified to become what’s now Gables Ponce, says Hersh, a long-time Gables resident. “When you put people together with retail, it creates a neighborhood,” says the architect. “It’s the old Main Street we got away from after World War II, and now you see people fleeing the suburban sprawl to get back to the urban core.” Still, with many traditional downtowns expensive, the opportunity for new neighborhoods lies in “these little pockets near downtown city cores,” says Hersh.

Ron Shuffield, the real estate veteran who runs Berkshire Hathaway HomeServices EWM Realty, also credits Gables officials for vision – starting with the innovative lease for the Shops, which had the city buy extra acreage to lease out to the mall developer longterm. “The city and developer were very smart in that negotiation, and we all won,” said Shuffield, calling the Shops a magnet for development and source of solid, longterm revenue for the city. Add in officials’ mixed-use zoning approval for the neighborhood, and “it’s almost a textbook on how to build a community and turn from a pre-existing use of an area.”

Success in the Village also is spilling into adjacent areas – in projects small and large, says Shuffield. Some single-family, mid-century houses near Ponce de Leon Boulevard are being renovated, their kitchens, bathrooms, and closets made bigger and more up to date. Families in those houses now can reach the mall and other nearby retail by foot. “They’re so happy to be in a more urban setting, where you can walk to everything,” says Shuffield.

On the multi-family side, there is more to come. Just over the Coral Gables city limits – but still within the Village triangle — the $500 million-plus the Link at Douglas Station project has broken ground. Adler Group and 13th Floor Investments started this spring on the first of five towers set to rise by Metrorail’s Douglas Station: a 22-floor building to host 312 apartments and 6,000 square feet of retail. In all, Link developers plan some 1,500 apartments, 25,000 square feet of retail and a 200,000 square feet of office space on seven acres in unincorporated Miami-Dade County over the next five years. One of its towers is expected to be the largest in the area, rising 36 floors.

Still, within the Village, some gaps remain to be filled. Trabold, the developer of The Henry, sees the need for more restaurants, especially casual eateries that don’t require hours for a fine-dining experience. “That’s a very difficult use in the Gables, primarily because of parking,” says Trabold, principal at Terrace Mountain Investors. Fortunately, when he’s in Coral Gables, he doesn’t drive.

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