An affiliate of the BF Group has picked up a 20,035 square foot development site in Coral Gables for $7 million or just under $350 per sqf. The firm bought the asset at 4225 and 4311 Ponce de Leon Blvd from 4225 Properties and 4311 Ponce de Leon LLC, both managed by Ruby Bacardi. BF Group plans to build a 10-story office building with 40,000 sqf of office space and 30,000 square feet of ground-floor retail on the site. The property currently houses two small office buildings. “I believe Ponce de Leon Boulevard is the most important corridor in Coral Gables,” said Jose Boschetti, CEO and managing partner of BF Group. “We are bullish about the market in Coral Gables as a whole, because many people do not want to deal with the traffic and construction in Brickell and downtown Miami. We are exploring several options with this property, including high-end retailers that are looking for another option other than the Design District.”
