The allure of Coral Gables, Florida, is set to ascend to new heights, as The Calta Group unveils its ambitious plan for a luxury townhome development. Months after acquiring the property, this visionary developer is seeking the green light for a 12-unit townhouse project, destined to redefine living in this prestigious neighborhood. As the city’s development review committee convenes, the whispers of elegance and modernity that will soon grace 915 and 920 Palermo Avenue are making waves. Here’s a deeper dive into the future of this Coral Gables gem.
A Grand Vision for Palermo Avenue
Nestled in the heart of Coral Gables, The Calta Group has big plans for this prime property. Drawing inspiration from architect Nelson de Leon’s Locus Architecture, the developer is set to transform this space, currently occupied by apartment buildings with 32 units, into a canvas of modern luxury. The project, known as Calta’s Venetian Townhomes, will welcome prospective homeowners to spacious three-story townhomes, each spanning approximately 5,000 square feet. These contemporary havens will boast four bedrooms and a range of premium finishes, promising a life of opulence and comfort.
A Strategic Investment
The Calta Group’s acquisition of the property in April, at a price tag of $12 million (equating to $375,000 per apartment), set the stage for a bold reimagining of the landscape. The developer secured the purchase through a $7.8 million mortgage from Terrabank, signaling a commitment to bringing this project to life. The development’s scope allows for less density, but the developer intends to leverage additional floor area ratio via the city’s Mediterranean bonus. With the third quarter of the following year marked as the target for permit acquisition, The Calta Group is steadily advancing towards realizing its vision.
A Luxury Oasis in Coral Gables
Positioned strategically across from the famed Venetian Pool and in proximity to the iconic Biltmore Hotel, this development promises to be a haven of luxury living. Boasting approximately 16,500 square feet of open space and a generous allocation of six parking spaces per unit, the project encompasses streetscape improvements that will enhance the overall appeal of the neighborhood. The townhouses themselves will offer a lavish living experience, with each unit featuring four-car garages, two-space carports, and covered terraces.
This marks yet another milestone in The Calta Group’s significant real estate investments in South Florida. Their reach extends into the heart of Hollywood with the groundbreaking of Revv, a 180-unit apartment development—a testament to their expansion into Broward County. Since 2008, The Caltagirone brothers have left their indelible mark on South Florida, a journey that began with single-family homes in Hollywood and Hallandale Beach. Their developments have since blossomed into luxury single-family homes across Coral Gables, Pinecrest, South Miami, and more. As the Calta Group continues to shape the landscape of South Florida, Coral Gables eagerly awaits the arrival of Calta’s Venetian Townhomes, a symbol of modern luxury amid a backdrop of tradition.