Calta Group is planning luxury homes in Coral Gables
Calta Group plans to develop a luxury townhome in Coral Gables, months after acquiring the property from Maria Llamas, co-founder of Shoma Group.
A Calta affiliate is seeking approval from the city’s Development Review Commission on Oct. 27 for a 12-unit townhouse project planned for 915 and 920 Palermo Street, according to an agenda. Riviera Country Club will seek site plan approval from the same commission for a new three-story tennis facility to replace the existing tennis courts.
Calta’s Venetian townhomes, designed by architect Nelson de Leon Locus Architecture, will replace apartment buildings with a total of 32 units at the Palermo Street property.
Coral Gables-based Calta, led by brothers Ignazio and Gaetano Caltagirone, will launch townhome sales early next year with Judy Zeder of the Giles Zeder Group at Coldwell Banker, Ignazio Caltagirone said. Construction could begin in the fourth quarter of 2024.
The three-story homes are approximately 5,000 square feet each, with four bedrooms and luxury finishes.
Calta paid $12 million, or $375,000 per apartment, for the buildings in April. The developer financed the purchase with a $7.8 million mortgage from Terrabank.
Although the project is less dense, Calta plans to leverage the additional floor space ratio through the city’s Mediterranean Bonus and will next seek approval from the Coral Gables Board of Architects. Caltagirone said his company plans to obtain permits by the third quarter of next year.
The one-acre property is located across from the Venetian Pool and near the Biltmore Hotel west of downtown. The planned project calls for about 16,500 square feet of open space, six parking spaces per unit and streetscape improvements. Each of the homes will include a four-car garage, a two-space carport and covered terraces.
Calta has at least $250 million in real estate investments in South Florida, according to a press release from earlier this year. In August, Calta began construction on Revv, a 180-unit residential project planned at 2233 Hollywood Boulevard in Hollywood. It represents Calta’s first multifamily project in Broward County.
The Caltagirone brothers have been investing in South Florida since 2008. After leaving their family’s real estate business in Europe, they began buying single-family homes in Hollywood and Hallandale Beach during the recession. They renovated it and sold it in 2012.
More recently, they have also developed luxury single-family homes in Coral Gables, Pinecrest and South Miami.
Caltagirone said his company is building three homes in Coral Gables at 1231 Anastasia Ave., 1211 Anastasia Ave. and 545 San Antonio Ave. The developer is also building a home off Sunset Drive near South Miami and another in Pinecrest.