Roger Development Group has secured a $25 million construction loan from Miami's Inmocap 2 LLC for its forthcoming project, the Avenue Hotel & Residences, located at 351 San Lorenzo Ave in Coral Gables. San Lorenzo Property LLC, managed by Oscar Roger Sr., is the entity overseeing the 11,000-square-foot development. Construction is slated to commence on November 1.
Inspired by the allure of Paris, the Avenue Hotel & Residences aims to replicate a bit of the French capital in Coral Gables. Oscar Roger Sr. named the development after a Parisian restaurant frequented by his daughters, commenting, "This building will be like Paris coming to Coral Gables."
Comprising eight stories, the building will house 48 residential condominiums, as well as six retail spaces on the ground level. The residential units, fully furnished and ranging from 598 to 1,200 square feet, are priced between $730,000 and $1.3 million. Only 10 of these units are still on the market. The retail spaces have been fully sold and will feature a French bakery, a luxury handbag store, and a spa among other outlets.
Residents of the Avenue will have multiple options for their units. They can either live in them full-time, lease them on an annual basis, or offer them as hotel rooms through the Avenue's hotel service provider. Miami-based SoFla Vacations, led by Andy Korge, will manage the hotel elements of the project, including front desk operations and hospitality services. Unit owners choosing to participate in the hotel program will pay a fee to the hotel operator, according to Roger.
"A majority of the buyers are international clients. They can stay for a few weeks each year and then include their units in the hotel's rental pool," explained Roger. He also added that daily rentals through the hotel would yield higher returns for owners compared to annual rentals.
Additional amenities at the Avenue include a pool deck, a summer kitchen, and a family dining area. Conveniently situated next to Merrick Park Mall, residents will have a plethora of options for dining, shopping, and fitness activities.
The project, designed by Miami-based Bermello Ajamil & Partners, is set for completion in Q1 2025. Thornton Construction Co., also based in Miami, is the general contractor for the build, and Cervera Real Estate is the lead broker. The property was acquired by the developer for $5.1 million in 2022.
In the context of challenging market conditions affecting many South Florida developers, the Avenue's focus on luxury condos is seen as a strategy to navigate high interest and construction rates. Unlike high-rises, mid-rise condo projects like this one generally have lower construction costs, providing some insulation against current market pressures.
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