Source: Florida Yimby
Minnesota-based Developer Nolan Reynolds International (NRI) and health club chain Life Time Fitness have reached completion on Life Time Coral Gables, a 1.2-million-square-foot mixed-use project at 237 South Dixie Highway and 225 South Dixie Highway in Coral Gables, Florida. Designed by Gensler, the $500 million development rises 14-stories and sits parallel to train tracks leading up to the nearby Douglas Road Metrorail Station, yielding 495 high-end luxury apartments, an 80,000-square-foot athletic resort, 25,000 square feet of co-working office space and 105,000 square feet of ground floor retail.
NRI acquired the development sites from Jeff Berkowitz for $60.25 million in 2016, previously occupied by a car dealership. Bank of the Ozarks provided the initial construction loan of $158.37 million in January of 2018, the same year the project broke ground when it was then known as Gables Station. The developer held a grand opening ceremony on August 10, 2021. The project is made up of several H-shaped interconnected mediterranean-styled structures with spacious amenity decks and an exterior made of limestone or stucco clad concrete.
Units will come in studio through 3-bedroom floor plans as well as several penthouse units, ranging in size from 436 square feet to 1,539 square feet, and the larger penthouses at 2,252 square feet. Asking rents start at $2,500 for studio units to $6,500 for 3-bedroom units, and $8,500 for penthouses. Amenities for tenants include a resort-like pool deck, a poolside bistro, an expansive fitness floor and group fitness studios, saunas, cycling studios and eucalyptus steam rooms. All residents a membership to all Life Time athletic resorts in North America, access to Life Time Digital with hundreds of on demand work outs and live streaming classes, and preferred pricing for Life Time Work, an onsite co-working experience. According to The Real Deal, 40% of the units are already leased, with 292 apartments still up for grabs.
Supermarket chain Trader Joe’s and the Argentinian restaurant Graziano’s are projected to open at later this year.
The Underline, Miami-Dade County’s 10‑mile linear park, urban trail, and public art destination, is opening up a new section under the elevated Metrorail and beside Life Time Coral Gables.