Source: The Real Deal
Life Time launched preleasing of a major mixed-use multifamily development in Coral Gables that will include a 70,000-square-foot athletic resort and a 22,000-square-foot shared workspace component.
Nolan Reynolds International is set to complete the $500 million, 1.2 million-square-foot project previously known as Gables Station. Life Time is leasing the shared workspace portion and the athletic resort from the developer, and has a management contract for the residential component, said Bahram Akradi, founder, chairman and CEO of Life Time.
The project, at 225 South Dixie Highway, includes 495 apartments, with studios, one-, two- and three-bedroom units, as well as penthouses. It’s expected to be completed in the early spring, Akradi said.
Apartment rents will range from $2,000 a month to $8,000 a month. Units will range in size from 436 square feet to 2,252 square feet. Leases will include a premier Diamond Life Time membership for the company’s clubs, and discounted dues for the co-working space, according to a release. Renters will have access to a nutritionist, as well as property management that can help schedule fitness and wellness appointments. Residential amenities will include a private pool, fitness studios and dog park.
It’s the first development in which Life Time handles the residential, office and athletic components of a project. Akradi said the project has been designed to create a “seamless, healthy way-of-life experience” and will eliminate the need for residents to get into their cars. It’s near the Shops at Merrick Park.
Life Time Athletic will offer more than 100 weekly group fitness, cycle and yoga classes and one-on-one and small group training. It will also have a kids’ academy, outdoor rooftop pool, cafe and spa, according to the release.
Life Time Work, which Akradi calls the “Ritz-Carlton” of coworking space, will offer monthly memberships for open spaces and private suites, Herman Miller furniture, and shared office amenities.
Life Time, based in Chanhassen, Minnesota, has more than 150 locations in 41 markets in the U.S. and Canada, and is expanding its Life Time Work and Living brands. The company will work with developers in a number of ways, including joint venturing, via management agreements and leases, Akradi said. In South Florida, it has a partnership with David Simon to bring a Life Time athletic center to The Falls shopping center in south Miami-Dade. A Life Time athletic center is also under construction in Palm Beach Gardens.
Akradi said the company became involved in the Coral Gables development more than two years ago, but the project has been in the works for years. Nolan Reynolds International, previously known as NP International, paid more than $60 million for the 4.3-acre development site in 2016, acquiring it from Jeff Berkowitz.
Nolan Reynolds, led by Brent Reynolds, financed construction of the project with a $158.4 million construction loan from Bank OZK, then known as Bank of the Ozarks.