A Calta affiliate is scheduled to seek approval from the city’s development review committee on October 27 for a townhouse project consisting of 12 units planned at 915 and 920 Palermo Avenue, according to the agenda. Simultaneously, the Riviera Country Club will seek site plan approval from the same committee for a new three-story tennis facility, which will replace the existing tennis courts.
The Venetian Townhomes project by Calta, designed by architect Nelson de Leon of Locus Architecture, is set to replace the existing apartment buildings on the Palermo Avenue property, totaling 32 units.
Calta, headquartered in Coral Gables and led by brothers Ignazio and Gaetano Caltagirone, intends to launch the sale of these townhouses in early 2024, with Judy Zeder of The Jills Zeder Group at Coldwell Banker overseeing the sales efforts. Construction is anticipated to commence in the fourth quarter of 2024.
These three-story townhomes will each boast approximately 5,000 square feet, featuring four bedrooms and luxurious finishes. Calta acquired the buildings for $12 million in April, financing the purchase with a $7.8 million mortgage from Terrabank.
While the project is less dense, Calta plans to leverage additional floor area ratio through the city’s Mediterranean bonus and will subsequently seek approval from the Coral Gables Board of Architects. Caltagirone expects to secure permits by the third quarter of the following year.
Situated across from the Venetian Pool and in proximity to the Biltmore Hotel, west of the city’s downtown, the planned project will encompass approximately 16,500 square feet of open space, offer six parking spaces per unit, and incorporate streetscape enhancements. Each townhouse will include four-car garages, two-space carports, and covered terraces.
Calta has a significant real estate investment portfolio in South Florida, with holdings exceeding $250 million, according to a press release from earlier this year. In August, Calta commenced construction on Revv, a 180-unit apartment development located at 2233 Hollywood Boulevard in Hollywood, marking their inaugural multifamily project in Broward County.
The Caltagirone brothers have been investing in South Florida since 2008, initially focusing on purchasing and renovating single-family homes in Hollywood and Hallandale Beach during the recession. More recently, they have expanded their endeavors to include the development of luxury single-family homes in Coral Gables, Pinecrest, and South Miami.
Caltagirone disclosed that his firm is currently constructing three homes in Coral Gables, situated at 1231 Anastasia Avenue, 1211 Anastasia Avenue, and 545 San Antonio Avenue. Additionally, they are building a home near Sunset Drive in South Miami and another in Pinecrest.
