King move leaves large parcel unused in downtown Gables
King's decision last week to move its headquarters to the Waterford
office complex frees up two prime properties, economic development
corporation, which is moving out of a South Dade campus, was also
looking at a downtown Coral Gables site, both of which are consequently
on the market again.
immediate concern is marketing the South Dade site because it will
be left vacant," says Carlos Leonard, a senior vice president
at the Beacon Council, Miami-Dade's public-private economic development
Coral Gables site was to be constructed for them. So the decision
not to go there won't have a major impact."
South Dade site, 17777 Old Cutler Rd., has about 60 acres, including
a complex of three buildings with a total of about 300,000 square
feet, says Codina broker Hank Klein, who represents the landlord with
says ownership is looking to sell the property. Marketing strategies
are to be discussed at a meeting this month.
King's parent company, UK-based Diageo Co., announced a decision to
move to the First Union site at 2511 Ponce de Leon Blvd. early last
April, but back-pedaled later in the month.
current landlord has informed us that they would like to present us
with a new offer they believe will meet our needs better than their
previous offers," said Burger King CEO Dennis Malamatinas.
Mr. Leonard says, during the few weeks that the move to Coral Gables
seemed settled, the Beacon Council began marketing the site.
are a major tenant," he says, "and we realize the impact
their departure will have on South Miami-Dade. We immediately arranged
a helicopter tour for a group of 10 or 15 site selectors throughout
main thing is to let them know it's available and that we are willing
to work with them."
it would be "great" to get a single tenant for the complex,
Mr. Leonard says, "if it's multiple tenants, that's fine, too."
the Coral Gables site, proposed developer Hines Interest Partnership
of Chicago has obtained a special Regional Activity Center designation
clearing the way to put up a 300,000-square-foot building, says Cathy
Swanson, director of the city's development department.
Hines' involvement was conditional on the signing of Burger King,
she says as was the special designation.
site is controlled by First Union," she says. "That has
always been the case.
does not go away," Ms. Swanson says, "is the phenomenal
location for a significant development. It's the largest downtown
assemblage for Coral Gables."
says the site is zoned for mixed-land usage and would support either
mid-rise or high-rise construction.
Gables imposes a height restriction on new development of 13 stories
16 stories if it adheres to the city's preferred Mediterranean
Codina Realty Services, (305) 520-2326; City of Coral Gables Development
Department, (305) 460-5311.