Gables Prado complex to break ground

The Gables Prado apartment complex is about to break ground in West Miami.

The project, a joint venture between Estate Investments Group, Mattoni Group and Fortune Capital Partners, will include 194 units, according to the South Florida Business Journal.

The developers paid $6 million in July for the property, located at 950 South Red Road, which is just west of Coral Gables.

The official groundbreaking will take place on Nov. 20. [South Florida Business Journal] –Christopher Cameron

http://therealdeal.com/miami/2014/11/12/gables-prado-complex-to-break-ground/Gables Prado complex to break ground

Developer to break ground on 194-unit apartment complex

The Gables Prado apartment complex is set to break ground in West Miami with 194 units on the way.

The project is a joint venture between Estate Investments Group, Mattoni Group and Fortune Capital Partners. They paid $6 million in July for the property at 950 S. Red Road, which is just west of Coral Gables.

The official groundbreaking will take place on Nov. 20 at 2 p.m. at the construction site.

Gables Prado will offer units ranging from one to three bedrooms, with some having wrap around balconies. The 300,000-square-foot building will have covered parking, a pool with cabanas and grills, a fitness center, saunas and a raised garden.

Some of the units will have a live/work design.

The same development team is also building Gables Gate Tower in West Miami.

http://www.bizjournals.com/southflorida/news/2014/11/11/developer-to-break-ground-on-194-unit-apartment.html

Banesco lends $27M for Miami-Dade County apartment project

The Gables Gate Tower apartment project in West Miami scored a $27 million construction loan from Banesco USA.

The Coral Gables-based bank provided the mortgage to Gables Gate Tower, managed by Roberto J. Suris Jr. The developer is a joint venture between The Estate Co. and Mattoni Group.

They are building 206 apartments in a seven-story and four-story tower on on 67th Avenue between Southwest 21st and 22nd Streets.

The 2.1-acre site was acquired for $2.65 million in April 2013. The apartment project is expected to be completed in spring 2015.

Gables Gate Tower II recently paid $4.8 million for a redevelopment site just north of its project at 2000 S.W. 66th Ave.