Allen Morris razes site, opens sales gallery at Ponce Park
Coral Gables keeps drawing ultra-luxury vertical, and this one already has its construction loan closed.
Allen Morris Co. has completed demolition and opened an on-site sales gallery at Ponce Park, its 58-residence luxury condo tower in Coral Gables, moving the project into vertical construction toward an early-2028 delivery.
Why it matters
Ponce Park is a data point on where South Florida vertical still pencils and gets financed. Coral Gables continues to absorb ultra-luxury for-sale product, and this project cleared the hardest gate for any condo developer in this cycle: it closed a $132.5 million construction loan from Bank OZK in January. In a market where financing has thinned for speculative residential, a closed construction loan plus an active sales gallery signals genuine momentum rather than a rendering. For developers, it reinforces that lender appetite in South Florida is concentrating on branded, well-located luxury with a credible sponsor.
The numbers
The 11-story tower at 3000 Ponce de Leon Boulevard will hold 58 residences from two to five bedrooms, ranging 1,900 to more than 6,500 square feet and starting at $3.1 million, over 25,000 square feet of ground-floor retail. The team includes architect John Cunningham, interior designer Meyer Davis, and ONE Sotheby’s International Realty on sales, with Madrid’s Quintin Ultramarinos as the anchor restaurant. Allen Morris is also funding an $11 million renovation of the adjacent Ponce Circle Park with the city.
What’s next
Watch the sales pace out of the new gallery as a read on high-end Coral Gables demand into 2028 delivery. More at the Miami market hub.