Interviews
Jul 8, 2026
Building for Longevity: Behind the Vision for CORA Merrick Park
Constellation Group’s Eduardo Otaola on securing $67.5 million in construction financing for the 74-residence CORA Merrick Park—and why wellness, boutique scale and long-term design are shaping the Coral Gables project.
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6 min read
Eduardo Otaola does not judge a building solely by how it looks on opening day. He considers how it will live, perform, and age decades later. That long-term perspective is shaping CORA Merrick Park, the 74-residence boutique condominium that his firm, Constellation Group, is developing with The Boschetti Group at 4241 Aurora Street, steps from the Shops at Merrick Park in a Coral Gables neighborhood that has seen little new condominium development in more than two decades.
The project, at 4241 Aurora Street in the heart of Coral Gables' Merrick Park, just closed a $67.5 million construction loan from BHI, arranged by a Berkadia team led by Scott Wadler and Matt Nihan. CORA broke ground in April and is scheduled for completion in 2028, with residences priced from the $900,000s to more than $4 million for penthouses. With construction financing closed, presales in place and work underway, the project has moved decisively from planning into execution.
"Closing a balance-sheet construction loan in today’s market is meaningful because it reflects conviction from a lender committing its own capital to the project,” Otaola said. “BHI evaluated the location, presale activity, sponsorship and execution plan, and the financing validates the fundamentals we have believed in from the beginning."
What Gave Lenders Conviction
Constellation and The Boschetti Group conducted a competitive financing process with Berkadia before selecting BHI. Otaola said the transaction was supported by several fundamentals: a supply-constrained Coral Gables submarket that has experienced little new condominium development in more than 20 years, a walkable and established location adjacent to the Shops at Merrick Park, experienced sponsorship and meaningful presale activity secured before the financing process began.
"Lenders are looking for more than an attractive rendering or a compelling story,” Otaola said. “They want scarcity, demonstrated demand, experienced sponsorship and a credible path to completion. CORA presented that complete picture" he said.
Why Merrick Park, and Why a Boutique Condominium
The development site, acquired directly from Brookfield, which owns the Shops at Merrick Park, represented a rare opportunity in a neighborhood where available land seldom trades. At the same time, the rapid escalation of single-family home prices in Coral Gables had increasingly priced out many buyers who still wanted to live in the city—particularly young professional families, empty nesters and second-home buyers who want the exclusivity of Coral Gables without the price tag of a single-family home. CORA was conceived to serve that audience with a boutique condominium offering the privacy, prestige and walkability of Coral Gables at a more attainable entry point, without compromising on design, amenities or quality.
“We saw a clear group of buyers who wanted to live in Coral Gables but were increasingly priced out of the single-family market,” Otaola said. “CORA was designed specifically for them—a boutique, end-user-focused condominium that offers the location, privacy and quality they are looking for, without the cost and maintenance responsibilities of a single-family home.”
Wellness as the Differentiator
Cora is seeking certification through the International WELL Building Institute's WELL for Residential program, an evidence-based standard that evaluates buildings on air and water quality, lighting, acoustics, and materials rather than the environmental metrics that drive most green certifications. It's a designation that no condo project in Florida holds.
“Buyers increasingly understand that wellness is not simply a gym or a spa on an amenity floor,” Otaola said. “It is the air they breathe, the water they drink, the quality of light and acoustics in their home, and the way the building supports sleep, movement, recovery and privacy. We wanted an independent, evidence-based framework rather than a collection of wellness marketing claims.”
He said every future Constellation project, regardless of asset class, will now pursue similar WELL certification. The wellness programming at Cora is overseen by Lamarca Well, a Madrid-based wellness consultancy that has designed environments across residential, office, and retail projects internationally.
The Amenity Otaola Would Pick First
Cora's amenity list includes a spa with infrared sauna, steam room, contrast hydrotherapy pools, and red-light therapy panels, along with advanced air and water purification, a fitness and recovery center, and a resort-style rooftop pool deck with a wellness loop. But asked to name a favorite, Otaola didn't hesitate.
If I had to choose one, it would be the rooftop padel court, without hesitation,” Otaola said. “Delivering it has required significant technical coordination around structure, wind loads, impact requirements and the Florida Building Code. It is a good example of our overall approach: we do not include an amenity simply because it sounds marketable. We work through the details required to deliver it properly.”
Even so, Otaola said CORA’s appeal is not dependent upon any single amenity, but on the way its wellness, social and residential spaces work together as one integrated experience.
Boutique by Design
At 74 residences, CORA is intentionally smaller than the high-density towers that characterize much of South Florida’s new-development market. Otaola said that scale was selected to create a more private, residential and service-oriented environment while still supporting an extensive amenity program.
"It's difficult to develop a sense of community in a building that is highly dense," he said. "At CORA, 74 residences, a landscaped park and a rooftop designed as a shared social and wellness environment create a more intimate experience. Residents can have privacy without anonymity"
Immediately adjacent to CORA, an approximately 5,000-square-foot landscaped park anchored by an original sculpture from Catalan artist Jaume Plensa will be donated by the development team to the City of Coral Gables. Otaola said the project reflects a broader Constellation strategy centered on highly designed, boutique residential communities, including ELLA Miami Beach and SeaGlass Cove in the Florida Keys, where privacy, discretion and a stronger sense of place distinguish the offering from larger developments.
Ground Already Broken
With financing closed and construction underway, Cora is one of the few boutique condominium projects in Coral Gables actively building rather than waiting on capital in the preconstruction phase. Otaola said that distinction matters more than it might have a few years ago.
"Today’s market rewards execution,” Otaola said. “A compelling vision matters, but buyers and brokers also want to see financing closed, construction underway and a credible path to delivery. Breaking ground was not simply a ceremonial milestone; it demonstrated that CORA had moved from promise to performance."
Otaola described the response since groundbreaking from city officials, brokers and prospective buyers as exceptionally strong. He said brokers in particular recognize the scarcity of the Merrick Park location and the project’s combination of boutique scale, walkability, wellness, design and active construction. Rather than attempting to appeal to every buyer profile, CORA has maintained a clearly defined end-user proposition.
What's Next for Constellation
Otaola said the firm remains focused on design-driven projects in walkable, high-barrier-to-entry neighborhoods, across multifamily rental, condominium, and office sectors. He wasn't ready to share specifics, but pointed to one project he's especially excited about: something ambitious enough, he said, to "transcend a whole neighborhood within the Miami downtown area."
Designed to Age Well
That long-term approach is already visible half a block from CORA at 4225 Ponce, the recently completed Class A office building developed by Constellation and The Boschetti Group and anchored by UBS. Otaola points to the building’s architecture and material palette as evidence of the firms’ emphasis on permanence rather than short-lived design trends.
"Our goal is not for CORA to look new for five years and dated in ten,” Otaola said.“Its architecture, proportions and materials were selected to age with dignity. We went through an extensive architectural review process to ensure the building would feel appropriate in Coral Gables on the day it opens and continue to belong there decades later."
In a market where new developments are often judged by launch-day imagery, Otaola is measuring CORA against a much longer horizon. The objective is not simply to deliver a successful building in 2028, but to create one that continues to feel relevant, residential and distinctly Coral Gables decades after completion.
Published: Jul 8, 2026Last updated: July 23, 2026