The ground floor of 299 Alhambra Circle in Coral Gables is set to be converted into a co-working space.
Miami-based Location Ventures, which owns the building just east of LeJeune Road, announced this week that it has secured a $12 million loan to complete the ground-floor conversion. The new space will be known as FORUM–and is evidence that the co-working concept remains in demand despite the struggles of WeWork.
According to the Miami Herald, Location Ventures says the property’s centralized location will make the space attractive to users. If successful, the company will convert the entire 52,719 square foot Class-B property into co-working space. Set to open in the first quarter of 2020, FORUM joins several other major developments coming to the Coral Gables area, including a new Target and the highly anticipated Plaza.
As ComReal recently reported, Miami is one of the leading cities for co-working in the nation, and now is the right time to take advantage of our region’s tremendous growth. Contact ComReal today for any of your Commercial Real Estate needs.