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The entry of 396 Alhambra into the Coral Gables office market is a risky move, miami real Estate advisers say. Within two years, if completed, the project is to deliver 285,000 square feet of additional Class A office space in the Gables’ already-saturated office market. 396 Alhambra LLC has obtained a building permit from the City of Coral Gables, paving the way for construction to begin immediately on the Class A office development. Demolition crews have already begun work on Phase I of the 396 Alhambra project. The project, which will be completed in two phases, includes two luxury office towers totaling 285,000 square feet.

Front view of the 396 alhambra building

The floors of the new 396 Alhambra tower will link to an existing tower on the corner of LeJeune Road and Giralda Avenue. The existing seven-story tower is undergoing an extensive multi-million-dollar renovation. Phase I construction, encompassing build out of the existing building and a new parking garage with retail on the ground floor is slated for completion during the second quarter of 2010. Phase II is slated for completion during 2011. The 396 Alhambra project will generate more than 900 construction and related jobs. The office development will offer floor plans up to 31,000 square feet, upscale amenities and the new eight-story parking garage. The buildings will be designed for Silver Leadership in Energy and Environmental Design (LEED) Certification under the standards set by the U.S. Green Building Council. 396 Alhambra is being developed as a multinational joint partnership. Agave Florida Investments, an affiliate of Mexico City-based developer Grupo JB, has joined forces with veteran Miami developer Eduardo “Eddie” Avila to bring the 396 Alhambra project to fruition. “We’re here because Coral Gables is the prime hub for linking the United States, Latin America and Europe, which makes this a perfect fit for Agave’s first

venture into the U.S. market,” said Hector Fernandez, CEO of 396 Alhambra LLC. Fernandez has overseen the development of 1 million square feet of offices and 2 million square feet of industrial property in Mexico, with such long-term tenants as Microsoft, Johnson & Johnson and Sony Corporation. Avila, along with his partner Jack Kaplan, serve as principals of 396 Alhambra LLC. Avila, president of Key Miami Real Estate Development, has been involved in South Florida miami real Estate for more than 30 years. As vice president of Cheezem Development Corp. in the 1980s, Avila played a key role in the redevelopments of Brickell Avenue, Brickell Key and South Beach. Fullerton Diaz, the award-winning architecture and design firm based in Coral Gables, has been retained as architect. Transwestern has been retained as the project’s exclusive leasing agent.

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396 Alhambra Project

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