By Coral Gables Gazette staff

The City of Coral Gables collects more than $4.39 million each year in rent from businesses, nonprofits and public agencies that lease city-owned property, according to a report issued November 6 by the city’s finance department. The “Outstanding Rent Report – November 2025” offers a detailed snapshot of how the City Beautiful manages its real estate holdings — from the Biltmore Hotel and the Shops at Merrick Park to golf courses, restaurants, and cell towers — and how much each tenant contributes to city revenues.

The report lists 31 active leases covering retail, hospitality, recreational, parking, and telecommunications properties. Together they represent a total assessed portfolio value of $2.03 billion. Some tenants pay substantial market-rate rents, while others occupy city facilities rent-free under long-term cultural or public-use agreements.

The city’s largest rent sources

The city’s most valuable leases remain its landmark properties. The Biltmore Hotel Limited Partnership, which operates the 1926 resort at 1200 Anastasia Avenue, pays $68,155 per month under a lease that runs through 2042 with one 15-year and one 20-year renewal option. Its related golf course operation, The Biltmore Management LLC, pays $18,279 monthly for the 138-acre Biltmore Golf Course, while it leases the nearby Granada Golf Course for $0 as part of the city’s public recreation system.

Another long-standing anchor tenant is Merrick Park, LLC (Brookfield Properties), which operates the Shops at Merrick Park at 358 San Lorenzo Avenue. Its lease, originally executed in 1997 and extending through 2030, produces a $50,000 monthly payment with multiple automatic renewal options, according to the report.

The Palace Management Group, operator of The Palace senior living complex on Andalusia Avenue, pays $20,833 monthly under a 30-year lease that began in 2011 and can renew automatically through 2070. A similar long-term arrangement covers SCG Atlas Gables Grand Plaza, paying $16,666 monthly for the Gables Grand property on Aragon Avenue and Le Jeune Road.

Retail and restaurant tenants

Retail tenants on Miracle Mile and adjacent public garages add a steady layer of notable contributions. Graziano’s Market at 2301 Galiano St. pays $22,103 per month on a lease through 2030, while Fritz & Franz Bierhaus at 60 Merrick Way pays $15,527 monthly through 2029. SRA Martinez, operating at 2325 Galiano St., pays $11,647 per month under a 15-year agreement extending to 2037.

On Miracle Mile, Starbucks pays $9,281 monthly for its space at 292 Miracle Mile, and Francesco Restaurant contributes $11,796 per month under a lease that runs until 2029. Haagen-Dazs, also on the Mile, pays $4,564 monthly on a lease valid through 2035, while Pedrido Arte LLC, a pop-up gallery at 290 Miracle Mile, leases its 850-square-foot space for $2,000 per month under the city’s pilot Pop-Up Program.

The report also notes two dining operations at the Granada Golf Course — Birdie Bistro, which pays about $5,400 per month under a five-year lease beginning in 2024, and Bonjour Express (Le Parc Café), which currently pays no rent under a city-discretion lease that runs through 2029.

Cultural and nonprofit tenants

A distinct section of the report lists properties leased to civic or nonprofit organizations that pay no rent. These include:

• Actor’s Playhouse, which occupies the Miracle Theatre at 280 Miracle Mile under a lease extending to 2040.
• Coral Gables Museum, at 285 Aragon Avenue, with a lease through 2031 and two 20-year renewals.
• Coral Gables Garden Club, located in the Biltmore Guardhouse through 2055.
• Boy Scouts Troop 7 of Coral Gables, which uses its hut on the Granada Golf Course through 2070.
• Miami-Dade County’s Coral Gables Library, operating under a city-county agreement through 2038.

While these tenants contribute no rent, their activities are recognized as integral to the city’s cultural and civic identity.

Beyond buildings: Parking and telecommunications leases

The city also earns recurring income from parking facilities and telecommunications infrastructure. The University of Miami leases Parking Lots Number 42 and 43 south of Stanford Drive for $6,356 per month, and InScore LLC leases 24 parking spaces near Starbucks on U.S. 1 for $2,640 per month.

At the city’s Fire Station No. 3 on Old Cutler, Cingular Wireless, T-Mobile, and Verizon Wireless each maintain leases for cell tower installations, paying $6,407, $7,223, and $5,817 per month, respectively.

Transparency and portfolio value

According to the finance department’s summary, the total monthly rent across all agreements is $366,348, equivalent to $4,396,177 annually. Many of the leases include automatic renewal clauses extending decades into the future, while others — such as short-term retail pop-ups or café concessions — operate on limited or city-discretion renewals.