Allen Morris Co. Advances $233M Ponce Park Condo Development as Excavation Begins in Coral Gables

• Allen Morris Co. has advanced excavation at Ponce Park, an 11-story luxury condominium development at 3000 Ponce de Leon Boulevard in Coral Gables.
• The project will feature 58 residences and approximately 22,000 square feet of ground-floor commercial space, with KAST Construction serving as general contractor.
• The development is backed by a $132.5 million construction loan from Bank OZK and is targeting completion in early 2028.

What Excavation Means for Ponce Park’s Construction Timeline

Excavation is underway at Ponce Park, bringing Allen Morris Co.’s luxury condominium project in Coral Gables another step closer to construction. The 11-story development combines high-end residences, retail and dining, and improvements to the neighboring Ponce Circle Park. With construction financing secured and demolition completed in July 2026, the project is progressing toward its planned early 2028 delivery. The development brings together a luxury residential offering, a commercial component, and a major public-space investment in the surrounding neighborhood.

What Allen Morris Co. Is Building at Ponce Park

Located at 3000 Ponce de Leon Boulevard, Ponce Park will feature 58 condominiums ranging from two to five bedrooms. Floor plans will span approximately 1,900 to more than 6,500 square feet, including penthouses. The building will incorporate Mediterranean Revival-inspired architecture, with natural stone cladding, arched openings, expansive windows, and landscaped terraces. John Cunningham and Zyscovich are responsible for the architecture, Meyer Davis is handling interior design, and Naturalficial is overseeing landscape architecture. The approximately 22,000-square-foot commercial component will bring retail and dining to the ground floor, including Quintín Ultramarinos, a restaurant concept from Madrid-based Grupo Paraguas.

What the $132.5 Million Construction Loan Means

Allen Morris Co. secured a $132.5 million construction loan from Bank OZK in January 2026. Lotus Capital Partners, led by Faisal Ashraf, arranged the financing. The loan supports construction of the residential and commercial development and represents a major capital commitment to the Coral Gables project. The financing was secured ahead of the latest excavation milestone, positioning the development to move through its next construction phase.

What the Luxury Residences and Amenities Will Offer

Ponce Park is targeting the upper end of the Coral Gables condominium market. Planned residential features include expansive layouts, private elevator access, Italian-designed kitchens, and large terraces. Amenities will include a rooftop swimming pool and sky bar, fitness center, spa facilities, meditation courtyard, and private lounge spaces. The combination of residential services and hospitality-oriented amenities is designed to distinguish the development from conventional condominium offerings.

What the Ponce Circle Park Redevelopment Adds

Beyond the private development, Allen Morris Co. is partnering with the City of Coral Gables on an approximately $11.2 million improvement project for the adjacent Fred B. Hartnett Ponce Circle Park. Designed by de la Guardia Victoria Architects & Urbanists and Naturalficial, the public-space improvements will include landscaped gathering areas, pedestrian upgrades, public art, and an open-air performance venue. Construction is anticipated to begin in January 2027, with completion targeted for the first quarter of 2028. The improvements are intended to strengthen the connection between Ponce Park, the surrounding commercial district, and the neighborhood.

What Comes Next for Allen Morris Co.

Excavation marks the latest milestone for a project that combines luxury residential development with a substantial retail component and public-space investment. With its construction loan secured and demolition complete, Ponce Park is moving toward its early 2028 delivery target. For investors and landlords, the project demonstrates how high-end residential developments can integrate commercial uses and public-realm improvements to strengthen a property's positioning. Ponce Park is shaping up to be a significant addition to Coral Gables’ luxury condominium pipeline.