Calta Group Secures $30M Loan for Coral Gables Luxury Townhomes
The Calta Group, a prominent developer in South Florida’s luxury real estate market, has secured a $30 million construction loan for its highly anticipated Via Veneto project in Coral Gables. This boutique development will feature 10 exquisite townhomes starting at $5.7 million, each designed to epitomize luxury and modern living. Here’s an in-depth look at this landmark project and its impact on the Coral Gables market.
Financing and Timeline for Via Veneto
Securing a $30 million loan from Banesco USA marks a significant milestone for the Calta Group. The financing will fund the construction of Via Veneto, situated at 915 and 920 Palermo Avenue. Slated to break ground this spring, the project is expected to be completed by 2026. According to a spokesperson for the developer, sales efforts have been promising, with 30% of the units already presold.
The Calta Group’s strategic approach includes reducing the original design from 12 units to 10, ensuring larger and more exclusive living spaces for future homeowners. Each townhome will offer approximately 5,500 square feet of space, featuring four bedrooms, four bathrooms, and an additional half-bathroom, along with private terraces that redefine outdoor luxury.
Design Excellence and Premium Features
Via Veneto’s design team includes the renowned architect Nelson de Leon and interior design specialists Sensi Casa. Together, they have created a harmonious blend of modern architecture and timeless elegance, catering to the preferences of Coral Gables’ discerning clientele.
Key features of the townhomes include:
- Spacious Layouts: Each unit spans 5,500 square feet, offering ample room for relaxation and entertainment.
- Luxury Finishes: From state-of-the-art kitchens to opulent bathrooms, every detail reflects the highest standards.
- Private Terraces: Expansive outdoor spaces provide a seamless transition between indoor and outdoor living.
- Prime Location: Nestled in Coral Gables, residents enjoy proximity to top-tier schools, vibrant shopping districts, and serene parks.
Coral Gables: A Thriving Luxury Market
Coral Gables has cemented its reputation as one of South Florida’s most desirable neighborhoods, attracting wealthy buyers and investors. Its luxury real estate market has seen unprecedented growth in recent years, fueled by an influx of out-of-state buyers seeking a slice of Florida’s sunshine and lifestyle amenities. Top-performing schools, lush landscapes, and a sense of community make Coral Gables a prime destination for affluent families.
Real estate agents highlight the enduring appeal of the area, noting that limited inventory continues to drive demand for high-end properties. Via Veneto’s exclusive offerings fit seamlessly into this landscape, promising to attract buyers who value both privacy and proximity to Coral Gables’ cultural and commercial hubs.
The Caltagirone Brothers’ Expanding Portfolio
Beyond Coral Gables, Ignazio and Gaetano Caltagirone—the dynamic duo behind the Calta Group—have an ambitious pipeline of projects. In 2023, the brothers invested $47.2 million to assemble land in Miami’s Allapattah neighborhood, where they plan to develop a mixed-use project with a focus on workforce housing.
The Calta Group’s first foray into multifamily housing came last year, with a $60 million loan for a 180-unit apartment building in Hollywood, Florida. These developments highlight the brothers’ versatility in tackling a wide spectrum of real estate needs, from luxury townhomes to accessible housing solutions.
What Sets Via Veneto Apart?
With Coral Gables’ luxury market booming, developers must find ways to stand out. Here’s why Via Veneto is positioned to shine:
- Exclusivity: The reduction from 12 to 10 units enhances the project’s exclusivity, creating an intimate community.
- Custom Design: A dedicated design team ensures each unit is tailored to the preferences of today’s luxury buyers.
- Location: Situated in the heart of Coral Gables, the project combines suburban tranquility with urban convenience.
- Early Momentum: With 30% presold, demand is already proving strong among discerning buyers.
Insights
What makes Coral Gables a hotspot for luxury real estate?
Coral Gables’ appeal lies in its blend of natural beauty, upscale amenities, and top-ranked schools. The area’s historic charm and tree-lined streets attract buyers seeking a sophisticated yet family-friendly environment.
How does Via Veneto cater to modern luxury buyers?
Via Veneto combines expansive living spaces, high-end finishes, and a prime location. Its private terraces and meticulous design cater to buyers seeking exclusivity and functionality.
What are the expected market trends for Coral Gables real estate?
Industry experts predict continued demand for luxury properties in Coral Gables, driven by an influx of wealthy buyers from high-tax states and international markets. Limited inventory will likely keep prices competitive.
How does the Calta Group plan to balance luxury and affordability?
While Via Veneto focuses on luxury, the Calta Group’s other ventures, such as the workforce housing project in Allapattah, showcase their commitment to addressing a broader range of housing needs.
Why invest in Coral Gables now?
With its thriving luxury market, strong demand, and community-focused lifestyle, Coral Gables remains a smart investment for those seeking long-term value.
Via Veneto exemplifies the Calta Group’s ability to deliver standout developments in a competitive market. By blending architectural innovation, luxurious finishes, and a prime location, this project sets a new standard for townhome living in Coral Gables. With construction underway and presales gaining momentum, Via Veneto is poised to become a hallmark of modern luxury in South Florida.
