Bank OZK Provides $133M Construction Loan For Allen Morris’ Coral Gables Condo
By Julia Echikson January 21, 2026 4:45 pm
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Allen Morris Companies nabbed a $132.5 million construction loan from Bank OZK to build a luxury condo building in Downtown Coral Gables, Fla., the Miami-based developer announced.
The project, called Ponce Park, will house 58 condos and 25,000 square feet of ground-floor retail space at 3000 Ponce de Leon Boulevard at the intersection with University Drive.
About 40 percent of the units — which include two- to five-bedroom residences ranging from 1,900 to more than 6,500 square feet — are under contract, according to a representative for the developer. ONE Sotheby’s International Realty is serving as the 11-story development’s lead broker.
Construction, which started in December, is expected to be completed in early 2028. Lotus Capital Partners, led by Faisal Ashraf, brokered the debt.
“Ponce Park is designed to be an architectural landmark for Coral Gables,” W.A. Spencer Morris, president of the Allen Morris Company, said in a statement. “With natural stone cladding, interiors by Meyer Davis, and a thoughtfully curated retail mix, the project reflects a level of quality and care that sets a new bar for Coral Gables living.”
The Ponce Circle Park next door is now undergoing an $11 million restoration to improve the surrounding streetscape. The developer has been assembling the nearly one-acre parcel since 2022, according to property records.
Ponce Park marks Allen Morris’ second Miami-area, luxury development to get underway in recent months. In December, the firm nabbed a $138 million construction loan from BDT & MSD Partners and BHI for the mixed-use Ziggurat project in Coconut Grove, which will include about 100,000 square feet of office space, 45,000 square feet of retail space and 18 condos.
Julia Echikson can be reached at jechikson@commercialobserver.com.
