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Week of April 25, 2002 |
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| Hines seeks residential partner for mixed-use project in Gables By Catherine LacknerExecutives for Houston-based Hines Interest Partnership want to contract with another entity to buy and manage the 112 luxury condominium units Hines is planning as part of a 3.5-acre mixed-use project at the corner of Ponce de Leon Boulevard and Andalusia Avenue in Coral Gables. "On this particular project, we're not going to manage or own the condominium component," said Matt Nelson, project manager. "We're in discussions and will enter into a contract with a third party. We'll eventually negotiate a sale to them." He would not disclose the parties with whom Hines is talking but said that choosing the right owner and manager is key. The Hines project is already under way. "Even though they won't be a full partner, because we're looking to eventually sell to them," Mr. Nelson said, "we want to view them as a partner because we'll be involved together over the long term in the entire project." Hines Interest Partnership, he said, "actually does a lot of residential development" and has built and managed condominiums on the West Coast's Marco Island and in the Jacksonville-St. Augustine area. But this particular project is being financed by the affiliated Hines US Development Fund, a group of private and institutional investors that has $427 million of equity to develop office buildings nationally. It was thought that owning and managing the residential component would be in conflict with the fund's objective to develop office buildings; hence, the goal to contract with a third party, Mr. Nelson said. The mixed-use development in the center of downtown Coral Gables, for which no name has been chosen, will have add to a six-story office building now in place a new 12-story, 240,000-square-foot office building to be called 2525 Ponce de Leon as well as the residential component. The segments will be joined by an eight-story parking garage that will serve all three buildings and will be integrated by design, landscaping and pedestrian elements, Mr. Nelson said. "The whole project," he said, "will be interconnected and will feel like a true mixed-use project." The company has already demolished a three-story office building on the site, formerly First Union Bank, and moved the tenants to the six-story building. If permitting goes as planned, completion of the class A office building - in which 20% of space is already leased - is anticipated next summer. The condominiums would be ready for occupancy in the fourth quarter 2003, Mr. Nelson said. The Atlanta-based Smallwood Reynolds Stewart & Stewart architectural firm will design a master plan for the complex.
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