Calta Lands $30M to Build Luxe Townhomes in South Florida
By Julia Echikson January 7, 2025 3:46 pm
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The Calta Group obtained a $30 million construction loan from Banesco for a luxury townhome development in Coral Gables, Fla., property records show.
Called Via Veneto, the project will house 10 townhouses at 915 Palermo Avenue, a block south of the public Venetian Pool and half a mile northeast of Coral Gables’ historic Biltmore Hotel.
The three-story townhomes will feature four bedrooms and span between 5,299 and 5,500 square feet. Prices on the Val Veneto website range from $5.7 million to almost $6.4 million per unit. So far, three units have sold, according to a representative for the developer.
Construction is expected to be completed in the fourth quarter of 2026.
In 2023, the Coral Gables-based developer paid $12 million for the 0.9-acre site, which holds two two-story rental buildings, according to property records.
Besides Via Veneto, the Calta Group is building a 180-unit rental building after securing $60 million in financing in 2023. The firm also owns development sites in Miami’s Allapatah district, which are slated to be turned into housing.
Other townhome projects under development in Coral Gables include MG Developer’s 48-unit Village at Coral Gables, which secured a $67 million construction loan from Churchill Real Estate in 2023.
Julia Echikson can be reached at jechikson@commercialobserver.com.
