2700 | Ponce
2700 Ponce, a Spanish mediterranean influenced building consisting of 5,800 square feet of prime retail space, is located at the southwest corner of Ponce de Leon Blvd. and Almeria Avenue. In early 2014, AJP Ventures, in partership with Mas Group and Companies and TAZ Partners purchased the property with the intent of re-purposing the property to restaurant use.
Originally built in 1927, 2700 Ponce will be enhanced to reflect a simple and clean mediterranean facade with a roof-top setting. AJP Venture’s intent is to re-purpose the asset to achieve maximum revenue potential with a more flexible use at a prime location in the heart of Downtown Coral Gables.
In the Fall of 2015, AJP Ventures signed a lease with New York City - based Red Farm, an innovative restaurant, inspired in chinese cuisine with green market sensibility. This new destination, the first of three locations in South Florida, was created by dim sum master chef Joe Ng, Chinese food expert Ed Schoenfeld and restaurantour Jeffrey Chodorow. Red Farm aims to be one od the most exciting and influential restaurants in the country.
Investment Rationale:
Located in Coral Gables, FL 2700 Ponce is within walking distance to over 175 multi-national corporations and single-family homes with a median income of $95,000 per year. Additionally, Coral Gables offers a true downtown urban environment with services, restaurants and an afflluent population, which has long been viewed as a haven of economic stability in South Florida’s varied and volatile marketplace.
Project Financials:
Building Acquisition: $2,500,000
Projected Construction Cost: $500,000
Total Project Cost: 3,000,000
Per RSF Profect Cost: $517.25
Per RSF Sta??? Value: $1,096.55
Project Milestones:
Building Acquisition: February 2014
Project Start Date: October 2015
Construction Start Date: October 2015
Pre-Leasing Start Date: June 2015
Anticipated Construction Completion Date: March 2016
Project Team:
Developer: AJP Ventures Corporation
Contractor: AJP Ventures Corporation
Property Manager: AJP Ventures Corporation
Architect: Bellin & Pratt, LLC
