Allen Morris Company has secured a $132.5 million construction loan from Bank OZK for its Ponce Park condominium project in Coral Gables, according to information obtained by The Real Deal.
The planned development will be an 11-story building with 58 residential units at 3000 Ponce de Leon Boulevard. Bank OZK continues to expand its lending portfolio in South Florida’s condo market through this financing.
Lotus Capital Partners, led by Faisal Ashraf, arranged the loan. The deal closed two months after Allen Morris Company received a $138.5 million construction loan for its Ziggurat condo project in Miami’s Coconut Grove from BDT & MSD Partners and BHI.
Sales for Ponce Park began about a year ago with One Sotheby’s International Realty. Remaining units are priced starting at $2.9 million. Construction started in December and is scheduled for completion in early 2028, according to the company. The development includes an $11 million renovation of the city-owned Ponce Circle Park.
Designed by John Cunningham with interiors by Meyer Davis, the building will feature 25,000 square feet of retail space including a restaurant, as well as amenities such as a rooftop pool and bar, cafe, spa, and fitness center.
Earlier versions of the project faced opposition from city boards; however, in 2024 the Coral Gables Commission unanimously approved ordinances that changed land use designations to allow high-rise intensity instead of low-rise intensity. The commission also vacated an alleyway between properties and altered zoning district boundaries to accommodate the new plan.
As part of these approvals, Allen Morris Company agreed to contribute $2 million toward public improvements and committed to covering or raising funds for any shortfall or cost overruns related to renovations at Ponce Circle Park. The park is located between the Allen Morris site and the Plaza mixed-use development.
