BAC Florida Bank Relocates HQ to Coral Gables Development

The Plaza Coral Gables. Image courtesy of Newmark Knight Frank

BAC Florida Bank has inked a 63,000-square-foot, long-term lease at The Plaza at Coral Gables, the 7-acre, mixed-use development currently under construction in Coral Gables, Fla. Starting 2022, the bank will relocate its headquarters from 169 Miracle Mile and occupy the top three floors of the project’s south tower. Agave Holdings is the owner of the upcoming building.

Located at 2901 Ponce de Leon Blvd. in the city’s central business district, The Plaza at Coral Gables is 4.7 miles southwest from downtown Miami. Sitting next to Ponce Circle Park, which will also be included in the area’s redevelopment, the planned office buildings are close to public transport stations and roughly 5 miles south from Miami International Airport.

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The project’s office component consists of two 14-story buildings totaling 447,675 square feet. Amenities are set to include rooftop terraces, lounge and conference facilities, emergency and additional electrical power generators as well as a distributed antenna system for wireless cell phone connectivity.

NKF Vice Chairman Patrick Duffy and Director Clay Sidner worked on behalf of the tenant in the transaction. Blanca Commercial Real Estate CEO Tere Blanca, Vice Chairman Danet Linares and Executive Vice President Andres Del Corral represented the landlord.

Largest new construction in Coral Gables

Totaling almost 2.1 million square feet, The Plaza is considered to be the first large mixed-use development in Coral Gables and the largest new construction project since the city’s inception in the 1900’s. Aside from the office towers, the project will include a 4.5-star, 242-key hotel, 161,000 square feet for restaurants, entertainment and lifestyle retail as well as approximately 170 rental units and lofts. The developers plan to deliver The Plaza at Coral Gables in the first quarter of 2022.

In June, Agave Holdings obtained $100 million in financing for the development of the first phase of the project, which broke ground in December 2017 and has an estimated completion date of June 2020. Coastal-Tishman Construction is the general contractor.