Agave Ponce is planning to break ground on Mediterranean Village by early next year, marking the first major sign of progress since scoring its approvals nearly two years ago.
The developer presented new plans for the project on the eastern side of Ponce Circle to the Coral Gables City Commission last week, which were approved. The mixed-use project is now called The Plaza Coral Gables, and will be smaller than originally planned, the Miami Herald reported. The project cost will also be reduced by about $100 million to $400 million.
The developer is an affiliate of Agave Holdings, which is tied to the owner of Jose Cuervo, Mexico City-based Grupo JB.
The maximum height was just reduced from about 218 feet to about 190 feet; the retail space was reduced by 48 percent to 137,000 square feet from 265,000 square feet; and the number of condos also dropped, to 136 units from 214. Removing underground construction will also cut down the construction timeline by up to a year.
Coral Gables commissioners approved the development, which will include a luxury hotel, office space, restaurants and retail space, in June 2015. Agave Ponce will spend about $2 million on improvements to the nearby Ponce Circle Park, and is required to start off-site improvements within six months of getting a building permit. If the project is abandoned, the developer is required to restore the site.