A prime piece of real estate at the gateway to Coral Gables is officially on the market—and it comes with a fully approved plan for one of the largest new developments in the area. The 8.12-acre site, home to a fading Sears department store at 3655 Coral Way, is being listed for sale by RK Associates, which has owned the property for decades.
CBRE, the global commercial real estate firm handling the listing, is marketing the property as a rare opportunity to reshape a key corridor bordering Coral Gables, where Miracle Mile meets Coral Way. The property was formally listed earlier this month following the City of Miami’s approval on April 18 of a site plan for three eight-story buildings totaling 1,050 residential units and nearly 50,000 square feet of retail space.
“This extraordinary opportunity will appeal to a wide range of developers,” said Robert Given, vice chairman at CBRE. “The site’s scale and proximity to Coral Gables provide an unparalleled opportunity to create a mixed-use enclave in one of South Florida’s most sought-after locations.”
The project, designed by Coral Gables-based architecture firm Behar Font Partners, envisions a dense, urban-scale development that aligns with regional trends in transit-oriented, mixed-use growth. Renderings of the proposed Coral Gables Square project show a sleek trio of residential buildings rising over retail-lined streets with pedestrian-friendly landscaping and public gathering areas.
An artistic rendering of a proposed 8.12-acre mixed use development for the site where a Sears store has been located since 1959. The City of Miami approved the site plan last month. (Behar Font Partners)
While the property lies just outside Coral Gables’ official city limits, its location—at the high-profile intersection of Coral Way (SW 22nd Street) and Douglas Road—makes it effectively an extension of the Gables’ urban footprint. The listing emphasizes that the site’s Walk Score of 96 places it within close reach of the city’s retail, dining, and cultural attractions, as well as Metrorail and regional bus lines.
For Coral Gables, the listing represents a potential turning point. The languishing Sears building, which opened in 1954, has increasingly stood as a relic of mid-20th century retail, out of step with the city’s current growth and architectural character. Its redevelopment has long been speculated but never materialized—until now.
Although the City of Coral Gables has no formal jurisdiction over the project, the development’s proximity has already sparked interest among residents and planners, especially with respect to traffic, infrastructure, and visual continuity. Some Gables residents have expressed concern about the potential impact on already congested roadways at Douglas and Coral Way, a key east-west artery. Others view the redevelopment as a long-overdue opportunity to revitalize an underused site and add much-needed housing inventory.
CBRE representatives are highlighting Coral Gables’ high household income—an average of $198,089, with more than 60% of households earning over $100,000—as a core part of the site’s appeal to national and international investors. They also point to strong demand for new housing near high-performing school zones and vibrant commercial districts.
The site is expected to attract interest from developers looking to secure a foothold in one of Miami-Dade County’s most affluent and stable submarkets. While no asking price has been publicly disclosed, the property’s size and zoning entitlements suggest it will fetch a premium in a market hungry for entitled land.
The fact that the site already has city approval is a significant selling point. Entitlement processes in South Florida can often take years—and sometimes collapse under neighborhood resistance. In this case, with approvals in hand, a new owner could move quickly into the permitting and construction phases.
Still, the path forward is not without questions. While the property is within the City of Miami, its close proximity to Coral Gables means any development will face scrutiny not only from city officials but also from residents and nearby institutions in the Gables. That includes traffic mitigation strategies, design integration, and the potential ripple effect on Coral Way’s increasingly contested real estate corridor.
This listing also comes at a time of shifting economic signals in South Florida’s real estate market. While housing demand remains strong, rising construction costs, higher interest rates, and a tightening labor market have prompted some developers to delay or scale back ambitious projects. Whether those trends will impact bidding or final project scope for the Sears site remains to be seen.
For now, however, the listing signals that change is finally coming to a long-stagnant corner of the city’s edge. With its approval in place, high visibility, and development-ready entitlements, the Coral Gables Square project offers the kind of scale and location few urban infill sites can match.
![By the early 1960s Coral Gables’ magnificent Douglas Entrance (originally La Puerta del Sol [The Gate of the Sun]) at SW 8th Street and SW 37th Avenue; the last, largest and most expensive of the city’s planned entrances) was dilapidated, underutilized and for many, an eyesore.](https://gables-gazette.com/wp-content/uploads/2025/06/Douglas-Entrance-300x216.jpg)
This Post Has 8 Comments
Any new development must also include an impact study on the traffic that it will bring to the area. I do agree that the site as it currently sits is an eye-sore and better use of the land can benefit everyone including the county with additional revenue and jobs.
Back in the day when I lived in Maryland, Montgomery County was famous for approving development projects that created bottlenecks of traffic. Traffic issues were resolved later after development was completed and not while the project was in progress.
All said, the question remains about traffic explosion during and after construction. That needs to be addressed
Congestion will be a major problem, 1050 units plus retail will definitely cause havoc and bottlenecks on Miracle Mile . When the Coral Gables StreetScape project started Coral Gables officials were debating on whether to close Miracle Mile to vehicle traffic , maybe it is time to reconsider.
Under the State of Florida’s “Live Local Act”, which I believe this project complies with, local governments have little to almost no authority to modify or even stop such developments. Projects under the “Live Local Act” are almost guaranteed approval. In the spirit of creating more affordable housing units, the State of Florida has preempted the authority of local governments and they have created a fast-track for development projects that meet certain affordable housing thresholds regardless of the impact on communities.
Mr Menéndez I don’t see anywhere in the article about affordable units or anything you are alluding to in your statement
Unless you have inside information about this project your statement doesn’t have any relation to the project.
The traffic is already a nightmare there and it will continue to be even worse with this development
I agree nothing will stop it but please do not excuse it throwing the issue blaming a state law.
We, you as well as everyone will bless this project or will shrug the shoulders with: que será será …. That is reality please
We are in love with our cars or motorcycles
Rapid transit is not a walk away
Let’s not kid ourselves
The connection with the “Live Local Act” has been in the news for a couple of years and it has been talked about in the public domain at length. With a quick Google search I immediately came up with a May 23, 2025 Miami Herald story talking the project and the “Live Local Act”. Please see the link below.
https://www.miamiherald.com/news/business/real-estate-news/article306474011.html
What we need is a greenspace,. A park with trails, trees, and places to get relief from the city heat and congestion. Look to the city of Austin, Texas before calling Cora Gables ” the city beautiful “. It may have been once, but is fast losing that title.
Dianne I totally agreed with you. The amount of apartments around the North Gable area is ridicules. Way to many apartments, way to much traffic… I can’t understand why is the city allowing so many apartment and to the assumption that the apartments are “affordable housing” when our young adults can’t afford anything in this city (just like NY except with the difference in salaries) We need more green areas where we can take our young kids for outdoor walks, for couples and families to enjoy their lives outside malls.
Hasta cuando????????????
This is nothing new. Developers get whatever they want as they have unlimited funds and influence. It doesn’t matter that the local streets are overloaded with cars.With the lack of useful public transportation. there will are a significant increase in local traffic. Developers don’t care. They destroy neighborhoods and increase already broken traffic patterns. Look at what is happening on US 1 near the Grove and look at what happened to scenic Old Cutler Road which has become a traffic nightmare and yet developers want to add 500 homes in Cutler Bay. What with Amazon, the need for more malls has disappeared. The Sears site should be turned into a park for the enjoyment of the people rather than another unnecessary mall and high-rises for the rich. We need more open space!!