$11M Ponce Circle Park Moves Ahead in Coral Gables

What's being built at Ponce Circle Park in Coral Gables?

Coral Gables is moving ahead with a roughly $11 million redesign of Ponce Circle Park at 2810 Ponce de Leon Boulevard, with construction expected to begin in January 2027 and finish in the first quarter of 2028. The work is tied to Allen Morris Company, which is building the 58-residence Ponce Park condominium next door at 3000 Ponce de Leon Boulevard, also due in early 2028. For nearby owners and buyers, the takeaway is timing: 2027 brings construction, and 2028 brings a finished park and a block of new luxury inventory at the same time.

By Pedro Casanova | October 15, 2026

If you own in the Gables, or you're weighing a new-construction condo there, this is a project where the park and the tower are one story. Here's what happened, then what it changes for your decisions.

What's happening at Ponce Circle Park

As the South Florida Business Journal reported, construction on the redesigned park is close. Other coverage, including Florida YIMBY and the Coral Gables Gazette, fills in the specifics:

• Park: a city-owned park redesigned around an open-air performance structure called the Odeon, a Frank Stella sculpture in a reflecting pool, an event lawn, and tree-lined arcades.
• Street work: new crosswalks, speed tables, and stormwater drainage on Ponce de Leon Boulevard and Almeria Avenue toward University Drive.
• Cost and funding: roughly $11 million, split across a three-party arrangement among the City of Coral Gables, Allen Morris, and the owner of The Plaza Coral Gables. Allen Morris manages the work and guarantees cost overruns beyond the committed funding.
• Schedule: construction begins January 2027, with completion expected in the first quarter of 2028.
• The condo next door: Ponce Park is an 11-story tower with 58 residences and about 25,000 square feet of ground-floor retail. The Real Deal reported a $132.5 million Bank OZK construction loan, construction under way since December 2025, and completion in early 2028. Recent reports put prices starting around $3.1 million, and the Business Journal puts the building near 60 percent sold, up from roughly 40 percent under contract at the time of the loan.

What it means for Coral Gables owners and buyers

Start with the pairing. The park and the tower finish within a few months of each other, and the park is part of how the tower won approval in 2024. That makes 2028 a convergence year on this stretch of Ponce de Leon: finished public space, a finished building, and the first move-ins.

Here's what I'd weigh.

Two years of construction before the payoff. Between the tower and the park, the area around Ponce Circle and University Drive carries active construction through early 2028, plus street work in 2027. If you're selling nearby during that window, buyers will see and hear it. That's a real factor in showing strategy and timing, but it isn't a price prediction.

New luxury supply lands in 2028, and some of it may return as resale. A 58-unit building is small next to a Brickell tower, but at $3 million-plus it's a meaningful slice of Coral Gables' high-end condo supply arriving all at once. Presale buyers sometimes sell before closing through an assignment, and others list right after delivery. If you own a luxury condo or a high-end home in the Gables, expect buyers to compare your finished, move-in-ready home against a new building with a delivery date.

The market under the headline is different. MIAMI REALTORS' August 2026 data puts Miami-Dade's median condo price at $408,000, down about half a percent from a year earlier, with roughly 12 months of condo supply. Single-family homes sat near 5 months at a $680,000 median. A $3 million-plus presale doesn't behave like the median condo, and it doesn't tell you what a 1990s mid-rise unit is worth. What it does tell you is that buyers at the top of the market are still committing to Coral Gables years ahead of delivery.

Public improvements add a talking point, not a number. Amenity upgrades can make an area more appealing to some buyers, but nobody can credibly put a percentage on a park's effect on your home's value. The reliable gauge is recent closed sales near you.

Cost risk sits with the developer. The guarantee on overruns matters because the park's budget grew as the design developed, from an earlier $8.9 million estimate. That's a useful backstop for the city, and it's one more reason the early-2028 date looks firmer than most, though I'd still treat it as a target.

What to do about it

If you own nearby, don't read this as a signal to act, read it as a calendar. Decide whether you'd rather list before heavy construction starts in January 2027 or after the park and tower finish in 2028. Pull comparable sales from the last six months and talk through that tradeoff with a local agent before the street work begins.

If you're buying, whether in the new tower or a resale nearby, ask for the schedule in writing. For a developer-sold unit, Florida law (F.S. 718.503) generally gives you 15 days after signing and receiving the required documents to cancel in writing, and F.S. 718.202 requires deposits up to 10 percent to sit in an independent escrow account. Read the assignment and delay terms with a real estate attorney. Also ask what the first-year association budget assumes, because new buildings' dues and insurance often reset once real invoices arrive, and property taxes are reassessed to market value after completion, without the Save Our Homes cap.

If you're comparing Coral Gables projects, we've covered how a luxury project in Merrick Park secured its construction loan and what mixed-use development in Coral Gables adds to the picture. And if you own a condo anywhere in Miami-Dade, it's worth knowing whether a special assessment is coming in your building, because it shapes how you compare against new construction.

Frequently Asked Questions

When will Ponce Circle Park be finished?

Reports put construction at January 2027 with completion in the first quarter of 2028. Public projects can shift, so treat that as a target and check the City of Coral Gables for updates.

How many residences are in the Ponce Park condo?

The Allen Morris project has 58 residences in an 11-story tower at 3000 Ponce de Leon Boulevard, with about 25,000 square feet of retail on the ground floor. Completion is expected in early 2028.

Will the new park raise my home's value?

There's no reliable way to put a number on it. Parks, construction, and new supply all pull in different directions, and the effect varies by street and property type. Recent closed sales near your address are the best guide.

Who pays for the park?

It's a three-party arrangement among the City of Coral Gables, Allen Morris Company, and the owner of The Plaza Coral Gables. Allen Morris manages construction and guarantees cost overruns beyond the committed funding, according to Florida YIMBY.

If you own near Ponce Circle or you're looking at new construction in Coral Gables, what this means for you depends on your timeline and your numbers. I'm happy to walk through it — you can grab a time here.

About Pedro Casanova

Pedro Casanova is a real estate broker that leads The KREN Group real estate team serving the Southeast Florida area. They specialize in helping people build wealth through real estate by helping buyers and sellers maximize their opportunity in every transaction. Connect with the team at www.thekrengroup.com.

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