Coral Way is getting a new condo building, designed by the same architect behind Brickell Flatiron and Santa Maria.
The eight-story Ambienta will rise on the corner of Coral Way and Southwest 31st Road., steps from Doggi’s Arepa Bar and a 25-minute walk to the heart of Brickell, said Ambienta Executive Vice President Carlos Balart. The project received design approval from the city’s Urban Design Review Board on Wednesday. The $20 million project will be designed by Luis Revuelta, founder of the Coconut Grove-based Revuelta Architecture International.
The building will house 79 units, ranging from a 600-square-foot layout with one bedroom and one bathroom to a 1,200-square-foot floor plan with three bedrooms and two bathrooms, Balart told the Miami Herald. Prices will start at $390,000.
Amenities will include a gym, party room and pool with cabanas and an outdoor kitchen. The building will have two retail spaces, one of which, Balart said, is already reserved by an undisclosed local eatery.
The project will replace two existing apartment rental buildings, a two-story building constructed in 1954 and a single-story project completed in 1969.
Coral Way has gained popularity over the years. Shrouded under a banyan tree canopy, Coral Way is the major thoroughfare connecting Coral Gables, Brickell, Key Biscayne and other neighborhoods. It is dotted with popular eateries, offices and shops.
The condo will appeal to condo buyers working in the surrounding neighborhoods, especially Brickell, Balart said. “You are minutes away from Brickell, Coral Gables, Coconut Grove and Key Biscayne,” he added.
The development firm anticipates launching pre-sales later this year and then beginning construction in 2022, Balart said. The project is expected to be completed by late 2024.
It is the firm’s second development in the Miami area. It has another — Ambienta Bay Harbor Islands — in the works. And other projects are planned, Balart said, highlighting the demand for condo living.
The number of condo sales has outpaced that of single-family homes due to the amount of inventory and difference in price. Miam-Dade County has six months of condo inventory and a median sales price of $325,000, and 2.2 months of inventory for houses and a median sales price of $500,000, according to the latest Miami Realtors Association sales report.
Some real estate experts predict the condo frenzy will slow down in the months ahead after the collapse of the Champlain Towers South in Surfside as more buyers opt for newer construction.