Earlier this month, news broke that Apple is expanding their presence in South Florida with new offices at The Plaza Coral Gables in Miami-Dade.
According to a Cushman & Wakefield market report, tech giant Apple (AAPL) leased almost 42,000 square feet of Class A office space in The Plaza Coral Gables North Tower located at 2811 Ponce de Leon Blvd making it the second largest new lease by square footage on Miami-Dade County in the first quarter this year. The first largest was Key Point Academy at 62,000 aquare feet in The Omni located at 1501 Biscayne Blvd. The third largest was The Morgan Group at almost 20,000 square feet in the Amerant Center located at 220 Alhambra Circle.
Over the past century, the area has gone through multiple attempts to redevelop the land. From The the original Coral Gables Crafts Section which was was originally planned and designed by George Merrick as a neighborhood where artisans and craftsmen would create items such as furniture, rugs, iron work and tile to the early 2000’s when there was an attempt to develop the site as a mixed-use development that included an office tower with garage, condos and townhomes. Throught the decades, each attempt never materialized.
In 2016, the current re-development plan that includes The Plaza Coral Gables Project began. Agave Ponce LLC., the developer and operator of The Plaza Coral Gables, is a subsidiary of Agave Holdings. Agave Holdings is a long-term real estate holder with multiple properties in Miami and Chicago believes in strict City codes and regulations to keep and preserve the heritage of the City Beautiful.
According to The Plaza Coral Gables website, this “conscious re-development” of the area and its historical significance was taken into consideration allowing the long-neglected and semi-abondeoned area to be revitalized all while keeping true to its rich history. The Plaza Coral Gables will host best Class ‘A’ Office space, 174 Luxury Rental Residences, a 4.5 Star Hotel, lower level retail space and almost 2,000 parking spaces, on a site over 7 acres, and state-of-the-art mixed-use development.
The new design will now be incorporating a 1-acre open to the public plaza that will feature a sculpture garden, water fountains, a central lawn area and many recreational and food & beverage amenities, energy efficient construction with LEED certification, green roofs, public transportation (trolley) stops, generous sidewalks and building setbacks, internal streets for deliveries and services, and even a “Coral Gables Townhome Liner” to serve as a transition between commercial space and the neighborhood to the East. As part of the Art-in-public-space program, Agave is contributing additional several million dollars to the art in public spaces in order to further develop and realize the cultural impact that this area of the city always deserved.
Apple Aventura
In addition to the greatly expanded office space in Miami which signifies a much larger move for Apple in the southeast region, Apple will also be opening a retail site at the Miami Worldcenter. The quickly-growing 27-acre project in downtown Miami is said to cost upwards of $6 billion. Apple will be leasing 15, 000 square feet at 725 NE 1st Ave where construction has already begun. The Miami Worldcenter Apple Store is expected to open in 2025.