$400M ‘The Plaza Coral Gables’ expects to break ground within a year

Rendering of The Plaza Coral Gables

 via CallisonRTKL

A massive mixed-use development in Coral Gables has a new name and a scaled-down design in the Plaza Coral Gables, which expects to break ground at Ponce Circle within a year, according to the Miami Herald.

Developed by Agave Ponce and formerly titled “Mediterranean Village,” the previous design was approved nearly two years ago. The updated and recently approved version calls for a reduction of max height (from 218 feet to about 190 feet), smaller retail space (from 265,000 square feet to 137,000 square feet), fewer condos (from 214 to 136 units), and a removal of underground parking.

Costs have dropped to an estimated $400 million (previously $500 million) and construction time is expected to be shaved by up to a year. The mega-project also plans for a hotel and office space.

Agave Ponce will contribute $2 million toward improvements at Ponce Circle Park.