Allen Morris Co Secures $132.5 Million for Ultra Luxury Coral Gables Condominium

Allen Morris Co lands $132.5M from Bank OZK for Ponce Park, a 58-unit luxury condo in Coral Gables featuring high-end amenities and a $9M park renovation.

By: AXL Media

Published: Mar 14, 2026, 10:40 AM EDT

Source: https://www.multihousingnews.com/

Financing Structure and Vertical Construction Timeline

The $132.5 million loan from Bank OZK provides the necessary capital to advance a project that has been in the planning stages since 2021. Originally envisioned as a 171 unit tower, the developer scaled back the density to focus on larger, premium floorplans. Construction officially commenced in December 2025, and the project is on track for a 2028 delivery. This financing move underscores Bank OZK’s continued dominance as a leading lender for high profile South Florida developments, even as traditional banks exercise more caution in the current interest rate environment.

Architectural Collaboration and Interior Design

Ponce Park features a high profile design team led by John Cunningham of Zyscovich Architects as the architect of record. The interior spaces are being curated by Meyer Davis, with landscaping designed by Naturalficial. The building will encompass 154,000 square feet, which includes 22,000 square feet of high end ground floor retail. The architectural strategy emphasizes a Mediterranean modern aesthetic that complements the historic character of Coral Gables while offering the expansive glass and terrace features required by contemporary luxury buyers.

Residential Specifications and Market Positioning

Sales for the 58 residences are being managed by ONE Sotheby’s International Realty, with entry prices set at $3.1 million. The units are exceptionally large, ranging from 1,900 square feet to over 6,500 square feet for the penthouse collection. Standard features include oak wood flooring, smart home integration, and expansive exterior terraces equipped with summer kitchens. By offering one to four bedroom layouts that mirror the scale of single family homes, the developer is targeting high net worth individuals looking to downsize from estates into a managed, high security urban environment.