Coral Gables Spends $24M to Expand City Hall
By Jeff Ostrowski November 5, 2026 4:00 pm
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After years of off-and-on negotiations, the City of Coral Gables, Fla., now owns the entire 400 block of Biltmore Way.
The city paid $24 million to acquire the four-story, 53,029-square-foot Biltmore Medical Center at 475-495 Biltmore Way, according to Blanca Commercial Real Estate, the leasing agent for the property.
The medical center was last sold to Jacksonville-based ShareMD in 2019 for $14.6 million, according to county property records. The city began discussing a purchase of the building about that time, the Miami Herald reported. The building’s occupancy rose from 82 percent to 94 percent and net operating income increased by 40 percent during ShareMD’s ownership, Blanca Commercial Real Estate said.
The deal comes as a multimillion-dollar renovation of the historic city hall is set to begin nearby. The Biltmore Medical Center is set to provide offices for development staff and administrative departments.
The city commission approved the intent to purchase the property earlier this year.
The city tapped ShareMD’s property management affiliate, Medicus Asset Management, to oversee the building for a one-year term following the sale.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
