What Makes Coral Gables, FL Great!
The City of Coral Gables, known for top-rated municipal services, fine residential areas, historic landmarks, and high quality of life, has also emerged as the Corporate Capital of the Americas, with more than 175 multinational corporations positioning Coral Gables as their Latin American headquarters.
• Comments Regarding Local Government: Coral Gables provides excellent municipal services, having achieved the highest national standards in almost every field. Less than five percent of the land area contributes 46 percent of the tax base. Coral Gables also boasts an accredited police department, a distinction shared by only 3 percent of local and state police departments in the United States, and is one of only three cities to have both a Class 1 and an accredited Fire Department. In addition, Coral Gables has been named a Tree City USA for 24 consecutive years by the National Arbor Foundation. It was also the first municipality ever to receive the National Emergency Management Award, in 1993.
• Consulates, Foreign Trade and Tourism Offices located in Coral Gables: 25
The following countries have official representation in Coral Gables: Argentina, Barbados, Belize, Colombia, Denmark, El Salvador, Finland, Honduras, Hungary, Italy, Jamaica, Panama, Portugal, Puerto Rico, Spain, Taiwan (Republic of China), Thailand, Togo, Uruguay, and Venezuela.
• Attainment Level: Over 50% of Coral Gables residents 25 and older have a college degree; 25% have a graduate or professional degree.
• University of Miami: Largest private research university in the southeastern U.S.; 260-acre main campus; approximately 15,000 students; 125 undergraduate programs and 160 graduate programs. U.M.'s Rosenstiel School of Marine and Atmospheric Science ranks among the world's top institutes for marine research and graduate training; U.M. School of Medicine is the State's oldest and largest, and no other medical school in the country has a public hospital as its primary teaching facility. U.M. is in the top 3% of colleges and universities in terms of federal commitments. A $400 million expansion program is currently under way. The University of Miami has an economic impact of more than $1 billion for the Coral Gables economy.
• Special Programs (i.e., International, High Tech, Bio-Tech): International Baccalaureate Program at Coral Gables Senior High (a 3-time Top Merit School) and also at Gulliver Preparatory School. Coral Gables Elementary School was awarded the Elementary Blue Ribbon School of Excellence Award by the US Department of Education. It has a home-based gifted program and was the recipient of the Little Red Schoolhouse Award sponsored by the Florida Elementary School Principals Association (it is on the National Register of Historic Places).
See Development Department's "Coral Gables Public and Private Schools" for full listing of schools and curricula.
• Miami International Airport: 80 airlines serve over 150 cities throughout the world. In 2007, MIA handled over 33.7 million passengers and over 2.1 million tons of domestic and international cargo, becoming the nation's third busiest international passenger airport and the busiest international cargo airport. Downtown Coral Gables is located only 4 miles from MIA.
• Port of Miami, 6 miles from downtown Coral Gables and recognized as the "Cruise Capital of the World," is home to 18 cruise ships and handled over 3.7 million cruise passengers and over 8.6 million tons of cargo in 2006.
Public Transportation Services
• Coral Gables Trolley – free, vintage-style trolley running weekdays as an internal circulator on Ponce de Leon Boulevard from Douglas Road Metrorail to S.W. 8th Street. (305-460-5070).
• Metro-Dade Transit Agency buses (305-770-3131, Option 6) serve the Miami district, including Coral Gables.
• Two Metrorail stations (305-770-3131, Option 6) serve Coral Gables: the Douglas Station and the University Station. Also, there is a Tri-Rail commuter train (1-800-874-7245) that runs a 67-mile track from Miami International Airport to West Palm Beach, which is connected to the Metrorail system.
Highways Serving City
• Interstate: Near I-95, SR-826 and SR-836 (1 mile to nearest interstate)
• Federal: US-1 (South Dixie Highway)
• State: Red Road (S.W. 57 Ave.), Coral Way (S.W. 24 St.) , LeJeune Road (S.W. 42 Ave.), Bird Road (S.W. 40 St.)
RESIDENTIAL REAL ESTATE
Coral Gables offers a wide range of housing choices including rental units, condominiums, and single-family homes in a stable residential real estate market. Over the years, homes in the City have appreciated at a rate significantly greater than many of the surrounding areas. The median house value, estimated at $760,000, is five times greater than in 1980. Strict zoning laws, a favorable property tax rate and responsive municipal services, together with beautiful residential areas, make Coral Gables a sought-after address.
• Hotels/Motels: 10 (total rooms: 1,400+)
• Shopping: Downtown street setting. $1.1 billion in downtown retail sales yearly, exclusive of gasoline and automobile
• Public Libraries: 1; Museums: 5; Private art galleries: 32
• Restaurant capital of South Florida, with more than 120 restaurants. Almost $115 million dollars was spent in food and beverage sales in 2007. Coral Gables restaurants have consistently garnered national acclaim from Gourmet, Travel & Leisure, New York Times, DIRONA, and others.
The Coral Gables economy is influenced by both domestic trends and international shifts, particularly changes in the Latin American marketplace. The majority of the businesses in Coral Gables service local and international clientele, but unlike other parts of Florida, it is not influenced by seasonal shifts. One of the strengths of this robust economy is the diversity in both product and market geography. There is little manufacturing within the City but strong investment in commercial development and in professional services/administrative operations. The 2008 total assessed value for all commercial and residential property in Coral Gables was $13.5 billion (an increase of over $6 billion in the past ten years). Because of the strong municipal services, high quality of life, convenient access, responsible growth, and a diversified economy, property values will continue to increase, supplemented by new appropriate construction, making Coral Gables a highly desirable location for domestic and international investment.
A. Office Market Overview
Coral Gables is considered one of the premium office markets in South Florida, with over 10 million square feet of existing prime office space, ranging from state-of-the-art Class A to affordable Class C. The submarket is desirable due to proximity to Miami International Airport and downtown Miami, while also being convenient to executive housing, allowing officers to live and work in the City Beautiful. Access to client entertaining, with world class restaurants and first class hotels, rich cultural offerings and a broad range of retail establishments are also looked on as important amenities. A vintage style, hybrid electric trolley (rubber-wheeled, not fixed) connecting many of the commercial districts and Metrorail is now on line.
The office market is characterized by buildings with an average size of approximately 128,000 square feet of net leasable space. Recent office developments include the “355 Alhambra,” by the Codina Group, at 225,000 sq. ft., the Alhambra Towers by The Allen Morris Company at 175,000 sq. ft., the “4000 Ponce” Building by CMC Group at 180,000 sq. ft., the 110,000 sq. ft. office component of The Village of Merrick Park, and the Hines