Codina Partners, led by Armando Codina, has obtained a significant $115 million construction loan from Goldman Sachs to develop its highly anticipated luxury apartment building in Coral Gables. This financing underscores lender confidence in Codina Partners and the resilient demand for high-end residential options in prime locations like Coral Gables, even amidst broader market fluctuations.
The Coral Gables-based development firm received city approval in June of the previous year for this 124-unit project, situated at 2601 Salzedo Street. Named Regency Parc, the 18-story building will feature spacious two-, three-, and four-bedroom apartments, ranging from 1,800 to an expansive 6,000 square feet. Adding to the exclusivity, Regency Parc will also offer two guest suites with two bedrooms each and three extraordinary 12,000-square-foot penthouse “sky homes,” catering to the most discerning residents. Pricing details for these luxury residences are expected to be released closer to the launch.
Designed by the esteemed Coral Gables architecture firm Nichols Brosch Wurst Wolfe & Associates, Regency Parc is planned to be more than just a residential building. It will incorporate a 10,000-square-foot public park, providing green space for the community, alongside dedicated restaurant space. Addressing parking needs, the development will include 389 parking spaces. Luxury amenities are a key feature, with Codina Partners’ website highlighting two swimming pools, collaborative coworking areas, a library, a private theater, a pet spa for residents’ furry companions, a state-of-the-art fitness center, and a professional catering kitchen.
Codina Partners’ strategic acquisition of the development site in 2021 for $13.2 million paved the way for this ambitious project. Notably, Armando Codina intends to reside in one of the full-floor penthouse units, demonstrating his personal commitment to and belief in the Regency Parc development.
While securing financing in the current economic climate can be challenging for developers due to increased borrowing and construction costs, Codina Partners’ success highlights the enduring appeal of luxury real estate in select South Florida locales like Coral Gables. Despite some softening in apartment occupancy rates across the wider South Florida region, the luxury market segment continues to show strength. This is further evidenced by other significant developments in Coral Gables, such as Shoma Group’s expansion of its Shoma One project and Calta Group’s plans for luxury townhomes, indicating sustained developer interest and investment in the area. Codina Partners’ Regency Parc is poised to become a premier residential address in Coral Gables, reflecting the ongoing demand for upscale living experiences in this desirable market.
