Miami Herald Market Story Features Villa Valencia
The Miami Herald recently featured Location Ventures and our development project Villa Valencia, in a story titled A high-rise building boom put Coral Gables on steroids. Will it remain the City Beautiful? by writer Andres Viglucci.
From the article, which highlighted the changes happening in the Coral Gables market, “The combination of public foresight, the emphasis on culture and the encouragement of mixed-use development downtown is attracting new developers to the Gables who might not have considered it previously,” said Rishi Kapoor, founder of Location Ventures.
Kapoor is now seeking to raise the ante exponentially on downtown Gables condo living. He’s won city approval for Villa Valencia, a lavishly amenitized, 13-story condo on the edge of downtown where the top penthouse will be priced at $10.5 million. Kapoor expects a sellout will yield $111 million. The average size of the 39 units is an expansive 3,000 square feet, he said, and the building is designed for affluent, downsizing Gables couples who don’t want to give up the space of a house — and want to spend less time in a car while enjoying an urban lifestyle.
The retooled, upscaled downtown Gables fits the bill perfectly, and he expects other developers to follow suit at that very high end, he said.
“Coral Gables has gone through this beautiful rejuvenation,” he said. “Look at Miracle Mile and Giralda. It’s unrecognizable from 10 years ago. Now people are seeing it as a hub for an elegant lifestyle. We think the Gables market is hungry for it.”