396 Alhambra unveils final phase with North Tower ribbon-cutting

Coral Gables Mayor Jim Cason (left) and Hector Fernandez, Agave Holdings CEO, cut the ribbon dedicating 396 Alhambra.

Accompanied by the sound of a Mariachi band, 396 Alhambra opened its doors during an Apr. 19 gala reception for nearly 300 leaders in the civic, business and real estate communities.

Coral Gables Mayor Jim Cason and Hector Fernandez, CEO of Agave Holdings LLC, the Mexican developer and funder of the $140 million project, cut the ribbon dedicating the building and launching the celebration upstairs at the signature fourth floor outdoor terrace of Coral Gables’ largest new “Class A” luxury development.

The 15-story North Tower officially will be ready for occupancy later in the second quarter, but the complex with 285,225 rentable square feet, already is nearly 60 percent leased. Construction started on the project in April 2009 and is concluding almost exactly three years later.

“We spotted the potential of this project in 2005 and were grateful to find partners who believed in this property in a challenging time for commercial real estate,” said Eddie Avila, veteran South Florida developer and a principal of 396 Alhambra.

“This is just a warmup for our next development in Old Spanish Village, a new project four times the size of this one, and shows how firmly we believe in Coral Gables over the long haul,” Fernandez said. In July 2011, Agave bought the 5.8-acre Old Spanish Village site on Ponce de Leon Boulevard and plans to complete a massive mixed-use development there within four years.

Designed by Coral Gables architect John Fullerton and built by Balfour Beatty, 396 Alhambra offers a dramatic, 20-foot inlaid brass entrance, designed and created by the architect and his brother, renowned artist Paul Fullerton, who has created art in public places around the country.

396 Alhambra is the largest new mixeduse, Class A office and retail development nearing completion in the heart of the Coral Gables Business District.

The roster of tenants includes HBO-Latin America, Banco del Pichincha, Richman Greer, Millicom International, RTKL, Terra Networks and Citibank. With a premium location at Alhambra Circle and Lejeune Road, well-capitalized ownership, convenient and fast access to Miami International Airport and residential areas to the south and west, 396 Alhambra offers available contiguous office space ranging from 2,000 rentable square feet (RSF) to 70,500 RSF. Additional features include:

• Pre-certified LEED Gold for the North Tower, with the South Tower designed to achieve LEED Silver; Winner, Coral Gables Chamber of Commerce Green Edifice/Building Award for 2012;

• 30,000 SF of street-level retail and restaurant space that allows outdoor dining and offers great exposure on Giralda Avenue and Salzedo Street;

• Highest-quality building materials and finishes, including marble from the ancient quarries of the original Alhambra in Spain;

•Walking distance to shops and restaurants throughout the Coral Gables commercial business district, as well as the Coral Gables trolley;

• On-site Citibank branch, ATM and “drive-thru” banking;

• Outdoor courtyard and fourth-floor terrace with panoramic views;

• Valet service and covered parking; • Parking ratio of three spaces per 1,000 RSF leased, and

• 24-hour security with card-key access.

Blanca Commercial Real Estate is the exclusive leasing agent. For leasing information, call Danet Linares at 305-577-8852, David M. Valdez at 305-577-0251 or Andres del Corral at 305-798-8890. Learn more at www.396alhambra.com.

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