ComReal’s John Lonardo brokers the Sale of the Historic La Palma Building in Downtown Coral Gables
Built in 1924, The “La Palma Building” located at the corner of Alhambra Circle and Galiano Ave. is one of the most recognized historic landmarks in the City of Coral Gables. The building represents a superb example of the small-scale Mediterranean Revival style architecture that once characterized the entire city. Originally named The Cla-Reina Hotel, it was of the first hotels to be constructed in the city and one of the last to survive to this present day. It continued operation as a Hotel and retail shops until the early 90’s when it was converted to creative studios, offices and restaurant by an international designer.
In the 90’s Vinton’s restaurant and the La Palma restaurant offered Coral Gables residents fine dining centered around its idyllic outdoor courtyard. “If the walls could speak one would hear of all the stories of the city’s families most cherished social gatherings.”
The property sold for $4,800,000. The new ownership, Maven Real Estate, LLC, is planning a complete building restoration and including interior redevelopment to commercial office and retail and restaurant use.
John Lonardo, CCIM, Broker for the ComReal | Miami – Coral Gables operation represented the owner GRC & CPC 116 Alhambra Circle, LLC. ComReal was the sole broker in the transaction. Earlier, Mr. Lonardo had acted as the exclusive leasing agent for the previous ownership of the building.
“We all look forward to the La Palma serving the communities residents as a business and social destination for the next generations to come”, said Lonardo.