Commercial real estate project slated for 6 acre area

Commercial real estate project slated for 6 acre area

One large real estate project is slated to break ground soon in Florida. The commercial real estate project is known as Mediterranean Village, which is a mixed-use project. Construction will begin in less than a year since city officials in Coral Gables have approved it.

This project will be located on more than six acres. It will feature more than 200 residential units and 180 hotel rooms. In addition, it will include office space spanning 290,000 square feet as well as retail space encompassing 289,000 square feet. There will also be 29,000 square feet for restaurants. In addition, an underground parking area will hold nearly 3,000 vehicles.

The community in which the project will be built is known for being high-end, housing luxury shopping sites as well as several international businesses. The goal is to add value to a neglected part of the community. This project is expected to stand out because of its design and architecture; for instance, it will include public art, walkable alleys and shade trees.

The area where the project will be created has one of the strongest real estate markets in South Florida. Developing land for a commercial real estate project can be exciting, as it gives developers the opportunity to develop strong communities. It can also present various challenges. For instance, issues involving areas such as land contracts, financing contracts, municipal zoning, land acquisition and property rights can be complex to address. An applied understanding of real estate law may be crucial in overcoming potential roadblocks achieving commercial real estate dreams.

Source: bizjournals.com, "Coral Gables approves big mixed-use project Mediterranean Village", Brian Bandell, June 24, 2015