Roger Development Group is set to commence construction on the Avenue Hotel & Residences in Coral Gables, following the acquisition of a $25 million construction loan. According to reports from South Florida Business Journal, Inmocap 2 LLC based in Miami provided the mortgage for San Lorenzo Property LLC, managed by Oscar Roger Sr., founder of the local development group. The loan covers an 11,000-square-foot lot located at 351 San Lorenzo Ave.
The project will be known as Avenue Hotel & Residences and will consist of an eight-story building at 351 Lorenzo featuring fully furnished residential condos ranging from 598 to1,200 square feet. The hotel will also be part of this development with most condos expected to be rented out by it.
Amenities offered at Avenue include a pool deck, summer kitchen and family dining area for residents’ enjoyment.
Completion is projected for early first quarter of2025 with Bermello Ajamil & Partners leading design efforts while Miami-based Thornton Construction Co.will serve as general contractor. Cervera Real Estate has been appointed lead broker for this venture.
