MRG Intelligence / Building Report / Coral Gables
299 Minorca is not a condominium for everyone. It is a legally permitted short-term rental asset in one of South Florida's most restrictive municipalities. The developer acquired distressed land at $280 per square foot, engineered vertical density through municipal TDRs, and eliminated parking to maximize yield. For the yield-driven investor who understands the operational model, this is a rare instrument. For the end-user buyer, it is not.
299 Minorca is a specialist instrument. The legal STR approval in Coral Gables is genuinely rare: this is not marketing language, it is a municipal fact. The distressed land acquisition at $2.9M creates a financial buffer that most Coral Gables developments do not have. However, the absence of parking creates a permanent exit constraint: when you want to sell, your buyer pool is strictly limited to other investors. If you are a yield-driven investor with a 5-7 year hold horizon, professional property management in place, and full awareness that this building will operate like a boutique hotel: not a residence: the investment case is defensible. Contact MRG before committing to any reservation or purchase agreement.
Compact studio and junior 1BR configurations. Highest yield-to-price ratio. Primary target for absentee yield investors.
1BR and larger junior 2BR layouts. Corporate pied-à-terre sweet spot. STR income offsets carrying costs during owner absences.
Top-floor and corner units. Maximum views and finish level. Smaller buyer pool at this price without parking: underwrite accordingly.
The elimination of on-site parking is not an oversight. It is the project's core financial thesis. Subterranean parking on a 10,341 sqft lot in South Florida's limestone bedrock would cost millions and destroy yield. Instead developers secured Remote Parking approval under Coral Gables Zoning Code Section 10-109: satisfying municipal requirements without pouring concrete. Lower construction cost means lower HOA reserves and higher investor NOI.
The parcel was acquired out of federal receivership (Case No. 23-24903-CIV-ALTONAGA/Reid) for $2.9 million: roughly $280 per square foot of land in the Coral Gables CBD. This dramatically low basis insulates the project against macroeconomic volatility and widens the developer's margin. Low land cost also improves loan-to-value ratios, making construction debt easier to secure even in elevated rate environments.
To legally build 8 stories on a micro-parcel, the developers purchased Transfer of Development Rights from a city-owned historic property at 286 Miracle Mile. This maneuver passed 3-2 by the City Commission after intensive political lobbying. The TDR strategy is a masterclass in density engineering: acquiring vertical air rights from a property that cannot use them and transplanting that density to a high-yield receiving site.
Short-term rentals are aggressively penalized throughout Coral Gables. 299 Minorca is explicitly approved for transient lodging: making it one of the only legally permitted STR assets in the municipality. This creates a structural monopoly for yield-seeking investors. A Latin American buyer or domestic institutional investor can place units on Airbnb or VRBO without regulatory risk, capturing premium nightly rates in a market that has historically suppressed this product entirely.
Hamed Rodriguez Architects: the firm behind Villa Valencia, a 13-story ultra-luxury tower in Coral Gables: is the architect of record. Interior design is led by Urban Robot Associates, a hospitality-grade firm whose methodology prioritizes durable luxury: materials built for constant transient turnover that still photograph as bespoke. The combination ensures the physical product satisfies both the city's Board of Architects and the digital marketing demands of the short-term rental marketplace.
The site sits directly across from the Coral Gables Public Safety Building: the city's combined Police and Fire Headquarters. Chief Ed Hudak formally opposed the project over traffic concerns. A 57-unit STR building generates constant ride-share, delivery, and cleaning vehicle traffic on a corner where emergency response time is critical. This friction is not theoretical: it is a formally documented municipal conflict that buyers must price into their underwriting.
299 Minorca is an 8-story, 57-unit luxury preconstruction condominium at 299 Minorca Avenue, Coral Gables, FL 33134. It is located on the northeast corner of Minorca Avenue and Salzedo Street in the Coral Gables Central Business District, within walking distance of Miracle Mile.
299 Minorca is a joint venture between The Boschetti Group (led by Jose R. Boschetti) and Constellation Group (led by Eduardo Otaola). Boschetti brings local Coral Gables political capital and municipal navigation expertise. Constellation brings institutional capital structuring, equity syndication, and marketing strategy.
Yes. Unlike virtually all other residential buildings in Coral Gables, 299 Minorca has received explicit municipal approval for short-term rental and transient lodging use. This legal status is the project's primary value proposition for investors, as Coral Gables aggressively penalizes unpermitted STR operations throughout the rest of the municipality.
The developers elected to eliminate on-site parking to maximize yield. Subterranean parking on a 10,341 sqft parcel in South Florida's high water table conditions is prohibitively expensive and reduces sellable square footage. Instead they secured Remote Parking approval under Coral Gables Zoning Code Section 10-109, satisfying municipal requirements through off-site spaces. Lower construction costs directly improve investor NOI and reduce HOA reserve requirements.
Units range from 502 to 931 square feet across 57 residences. Pricing is currently listed across brokerage platforms in the $1,000,000 to $3,000,000 range, implying a blended price per square foot of approximately $1,500 to $2,000: placing this firmly in the ultra-luxury tier.
As of mid-2026, 299 Minorca remains in the preconstruction and permitting phase. Sales status is listed as Pending or Coming Soon across major brokerage platforms. Assuming groundbreaking in late 2025 and applying a standard 18-24 month vertical construction cycle for an 8-story mid-rise, physical delivery to buyers is projected for late 2026 to the second half of 2027.
The ideal buyer is a yield-driven investor: a Latin American, domestic institutional, or corporate buyer seeking legally permitted STR income in a high-barrier market. The building is not designed for primary residents, families, or Coral Gables end-users. Buyers who plan to use the unit as a corporate pied-à-terre while placing it in the STR pool during absences represent the second-most aligned buyer persona.
The primary risks are: (1) liquidity risk on resale: the absence of parking severely limits the secondary market to investors only, eliminating most domestic end-user buyers; (2) operational risk: 57 transient units adjacent to the city's Police and Fire Headquarters creates ongoing friction over traffic and emergency access; (3) accelerated wear-and-tear from high-turnover STR use requires expensive professional property management.