About the developer BAP Development was formed in 1999 by Willy A. Bermello and Luis Ajamil to address the high level of demand for quality residential and mixed-use high-rise developments in South Florida. BAP has been able to leverage the reputation and experience of its principals and the resources of its affiliated company, Bermello, Ajamil and Partners, one of Florida's largest architectural and engineering companies, to become one of the leading development firms in South Florida. BAP is continuing its expansion by identifying new locations with strong market potential throughout Florida, selected areas of the United States and the Caribbean Basin. By spearheading the development of three key districts in Miami, including the Coral Way Corridor, the Performing Arts District and Brickell Village, as well as downtown West Palm Beach and downtown Ft. Myers, BAP has proven itself as the leader in the revitalization of urban neighborhoods, as well as redevelopment of urban waterfronts. Residential projects to dot Coral Way - South Florida Business Journal - by Paola Iuspa-Abbott This A 10-block stretch on Coral Way, one of Miami's main roads, will see an outburst of residential projects in the next year, re-shaping a strip mostly made up of mom-and-pop shops and low-rise offices. At least six residential projects are under construction or in the permitting process. If plans move forward, more than 700 condominium units will flood Coral Way - also known as Southwest 22nd Street - between 27th and 37th avenues, a few miles southwest of downtown Miami. Two condo projects have already been built in the past two years. "The location is excellent," said Mark Troy, a senior development analyst with BAP Development of Coconut Grove. His group is about to complete The Aston, a 226-condo project on Coral Way and 30th Avenue. The stretch is a couple of minutes away from Brickell Avenue, Miami's financial district, and less than half a mile way from Coral Gables, home to many multinational corporations' regional offices. The target buyers are local residents who work nearby, said Pasquale Renzi, principal of Renzi Development in Miami. Two years ago, his group started the development wave when it built the 200-unit Coral Plaza at 3500 Coral Way, with prices beginning at $158,000. "Most of the buyers were young professionals and very few foreign investors," he said. Renzi is now building 228 condos at The Emerald Plaza, at 3410 Coral Way, and Blue of Coral Way, at 3170 Coral Way. Prices for one-bedroom units begin at $145,000. The Emerald is already sold out and Blue was just put on the market, he said. Miami's planning advisory board, a quasi-judiciary body, last week approved the design of The Gables Marquis, proposed for the 3200 block of Coral Way. Its developer, Urbanism Coral Way, plans to build a 177-unit, Mediterranean-style project with condos, townhouses and retail on the ground floor. Units would start at $175,000, said Ben Fernandez, the real estate lawyer representing the developer. "The area lends itself to higher density," he said. "Coral Way is one of Miami's major transportation corridors." Shamrock at the Gables is in the permitting process and would consist of about 60 residential units at 2280 S.W. 32nd Ave. Coral Way Development Co. and FG Partners, also seeking permits, plan to build The Midtown Lofts on the 3100 block of 22nd Terrace, just south of Coral Way. It would have 85 condo units and 2,800 square feet of retail on the ground floor. Construction of these projects could begin during the first half of 2004. With condo prices ranging from $150,000 to $260,000, BAP's project, The Aston, is about 50 percent sold, Troy said. The $38 million, 15-story building also includes 18,000 square feet of retail on the ground floor. With such a demand for parcels in that part of town, land prices have shot up. Land is now estimated at $50 to $75 a square foot, about twice what it was a couple of years ago, said Troy, whose group is currently looking to buy more parcels along Coral Way. BAP bought the land for $30 a square foot, he said. Units are also selling at about 10 percent more than they sold for a year ago, Renzi said. Hoping to promote pedestrian-oriented buildings, the city allows developers to build more than the code permits if they offer retail on the ground floor, increase building setbacks to accommodate outdoor seating and provide landscaping, said Miami Commissioner Tomas Regalado, who oversees the district. The city plans to invest about $3 million in the next couple of years to upgrade Coral Way's streetscape from 13th to 37th avenues, he said. "The first step will be to install landscape lights on the banyan trees along the median on Coral Way," he said. The estimated $1.5 million project could begin this year. The state has already installed new street lamps and repaved the road, he said. Hoping to promote certain uses on the state road - and discourage some others - Miami commissioners last week approved a master plan for the corridor prohibiting businesses such as pawn shops, car dealerships and Laundromats. On the other hand, it created incentives to promote mixed-use projects, Regalado said.The city wants retail on the ground floor to help new construction blend with the area's existing retail base, he said. Also, additional space would be needed for new retailers eager to expand in the corridor. The changes and projects planned for that portion of Coral Way are a light of hope for many. "Finally," Regalado said, "Coral Way will stop being Coral Gables' poor brother." E-mail Miami-Dade real estate/international business writer Paola Iuspa-Abbott at iuspa@bizjournals.com.