This Week in Miami Real Estate: Coral Gables groundbreaking, record-breaking penthouse sale and more

by Andrew Morrell

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The largest real estate development project ever planned in Coral Gables broke ground Sept. 20. The Plaza at Coral Gables, located at 2801, 2901 and 3001 Ponce De Leon Blvd., will span seven acres and feature 174 rental units, a 242-room hotel, 454,956 square feet of office space and 161,000 square feet for retail, according to plans from developer Agave Ponce LLC. Construction on the first phase of the project won’t be completed until the end of 2020, according to the South Florida Business Journal.

In other local real estate news:

  • Approximately 25 million people in the U.S. struggle to make monthly rent payments, and Miami is a national hotspot for high rental costs, according to Make Room, an organization that studies and assists communities where rent costs are prohibitively expensive. The group estimates that 63 percent of renters in Miami-Dade County pay at least half their income on rent. Make Room plans to hold an event called the Home, Health & Finance Expo and Symposium Sept. 22 to address the issue and offer assistance and financial advice to renters who attend. The expo is scheduled for 9 a.m to 5 p.m. at the Wolfson Campus of Miami Dade College.
  • Miami ranked fifth out of nearly 200 U.S. cities in WalletHub’s list of the nation’s “Most Fun” cities. Breaking down the score, Miami received the No. 5 spot for its nightlife and the No. 10 spot for its “entertainment and recreation” opportunities. On the other hand, it ranked 123rd in terms of costs. Las Vegas, Orlando and New York City earned the top three rankings.
  • A penthouse atop the Brickell Flatiron tower in downtown Miami sold at a record-breaking price for the Brickell area. Jake Vogel of Bennington Marine Group purchased the three-story unit for $13.2 million, the highest price paid for a condo in Brickell since at least 2007. Karen Elmir of Cervera Real Estate represented Vogel in the transaction, while developer CMC Group was represented by Adriana Brito of Fortune Development Sales. Brickell Flatiron is scheduled to be completed next year.
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