Alta Developers, led by CEO Raimundo Onetto, has broken ground on the Cassia condo in Coral Gables, one of the few new condos in the city that will permit short-term rentals.
Located on the 1.41-acre site at 4011 Salzedo Street, Cassia will feature 174 condos with full furnishings by Restoration Hardware. The units will range from 662 to 1,461 square feet. Prices start from $700,000.
Alta Developers said over 50% of the condos have been pre-sold. Doral-based Jaxi Builders is the general contractor and should complete construction in February 2027.
“Cassia will bring a new level of sophistication and convenience to Coral Gables, and welook forward to seeing our vision evolve and come to life,” Onetto said. “At only 12stories tall, we expect a fairly quick construction timeline.”
Amenities in Cassia will include a pool deck, another indoor pool, a steam room, a sauna, a treatment room, a fitness center, barbecues, and a business center. Behar Font & Partners in Coral Gables is the architect. Cervera Real Estate is the exclusive listing broker for Cassia.
The developer acquired the property from Baptist Health South Florida for $17.45million in 2020. The developer obtained a $6.76 million loan from Amerant Bank in early 2024, but it doesn’t appear to have a construction loan at this time.
Some condo investors like short-term rental policies because it allows them to take advantage of listings on home-sharing platforms and capitalize on the hospitality market. However, it often costs more to manage a short-term rental than a traditional rental.
