Mayor Vince Lago used his sixth State of the City address (see transcript below) Sept. 17 to present Coral Gables as a city entering its second century with a growing business base, expanding public spaces and several major projects moving toward construction.
Speaking at the Biltmore Hotel during a breakfast hosted by the Coral Gables Chamber of Commerce, Lago built the address around what he called “the next starting line” — the idea that recent accomplishments should lead to the city’s next round of work. “Every finish line is another starting line,” Lago said, returning to the phrase throughout the roughly 2,500-word address.
The speech came less than seven weeks before Coral Gables’ Nov. 3 municipal election, in which Lago is seeking another and possibly last two-year term against Laureano Cancio and Jackson “Rip” Holmes. It ranged from City National Bank’s headquarters relocation and Firehouse 4 to the Mobility Hub, public art, downtown development and the planned Centennial Park tied to the city’s agreement with the University of Miami.
A changing of the guard
Lago opened by recognizing several leadership transitions.
He thanked City Manager Peter Iglesias, who is preparing to leave the post, and congratulated Deputy City Manager Joe Gomez on his selection as city manager designee. “He has been a trusted partner and respected leader who has always placed Coral Gables first,” Lago said of Iglesias. Iglesias remains in the role for several more months; Gomez is not scheduled to take over until Jan. 8.
He also marked a transition at the Chamber, congratulating outgoing chair Maria Garcia and welcoming Jorge Martinez into the organization’s next leadership role.
More businesses and a larger downtown workforce
Economic development occupied a large share of the address.
Lago said more than 150 businesses had chosen Coral Gables as a new home this year, ranging from major companies to small storefronts. He said demand for Class A office space exceeds supply and argued that the city should accommodate investment without losing the character of downtown.
Recent commercial real estate data supports the broader picture of strong demand for higher-end office space in Coral Gables, although the Gazette has not independently verified Lago’s figure of more than 150 new businesses. Miami-area market reports this year have shown rising rents and relatively tight vacancy in Coral Gables Class A offices.
Lago singled out City National Bank of Florida’s headquarters relocation as one of the year’s largest milestones. Two floors are already occupied, he said, with the remaining offices expected to be completed by the end of the year. The bank announced in 2025 that it would occupy about 145,000 square feet and bring roughly 800 Miami-Dade employees together at the new headquarters. When the move is complete, Lago said, those employees will add daily activity to downtown restaurants and shops.
Lago repeatedly tied business recruitment to broader quality-of-life investments. “Economic development is not merely about filling offices,” he said. “It is about building a community and partnerships that strengthen everyone.”
Public safety and infrastructure
Lago said the Downtown Police Unit is now fully staffed, describing the additional presence as a way to increase visibility, merchant contact and assistance to visitors in the Central Business District. When the unit was created in 2022, the city said it would expand by five officers annually.
He also highlighted the opening of Firehouse 4 on Sunset Drive, which the city says cost about $11.5 million and completed the four-station fire-rescue system the city attributes to George Merrick’s early planning for Coral Gables.
The mayor then turned to the Mobility Hub, saying construction is expected to begin next month. “Some see a parking structure,” Lago said. “I see modern infrastructure supporting a modern downtown.” The project is planned for the site of Garage 1 at 245 Andalusia Ave., and city officials have been briefing downtown businesses on construction phasing and anticipated impacts.
The project has experienced substantial delays from earlier schedules. In July, the commission authorized up to $70 million in bonds for the Mobility Hub, with city documents at the time targeting an early-October bond closing.
Lago also pointed to state funding secured during the 2026 legislative session. Coral Gables received $1.575 million for three projects: $900,000 for environmental remediation at the Public Works site, $450,000 for sanitary sewer rehabilitation and $225,000 for dredging of the Ponce Waterway.
A development philosophy centered on public benefits
Lago devoted a portion of the speech to development, laying out his view that additional density can be appropriate when it produces public benefits.
“Where appropriate, additional height can be exchanged for meaningful public benefits: parks, open space, wider sidewalks and better gathering places,” Lago said. “The goal is not growth for growth’s sake.” He said downtown growth should add residents and economic activity while improving the public realm.
That position comes amid continuing debate in Coral Gables over development intensity, building height and the extent to which negotiated public benefits justify larger projects.
Lago also pointed to the planned Frank Stella sculpture at the renovated Ponce Circle Park, calling it an investment in public art and a future downtown landmark. The city held a public meeting on the park’s redevelopment in June and has identified public-art funding for the site in its capital program.
Centennial Park as a centerpiece
The University of Miami agreement formed the centerpiece of Lago’s discussion of the city’s next chapter.
Under the agreement, the university is to convey approximately 5.52 acres known as the Lee Lincoln site for a new public park, subject to the agreement’s terms and conditions. Lago called the planned Centennial Park “the most transformational project of our next chapter” and said it would become the largest park in Coral Gables. “This is not simply another park,” he said. “It is a statement about who we are.”
The park is one component of a broader amended development agreement between the city and the university that also includes land-use changes affecting the university campus.
‘What’s next?’
Lago closed by tying City National Bank, Firehouse 4, the Mobility Hub and Centennial Park back to the theme that opened the speech. “Business leaders understand this better than anyone: the day you accomplish your biggest goal is often the day your next challenge begins,” he said.
The address ended with the same refrain. “I do not stand before you celebrating the end of another successful chapter,” Lago said. “I stand before you excited about the next one, because every finish line is simply another starting line.”
Full transcript
The following is the prepared text of Coral Gables Mayor Vince Lago’s 2025 State of the City address, “The Next Starting Line,” delivered at the Biltmore Hotel on Sept. 18.
Good morning, everyone.
It is an honor to join you for my sixth State of the City address. Each year, this gathering gives us an opportunity to reflect on where Coral Gables stands, celebrate what we have accomplished together and, most importantly, look ahead to where we are going.
I want to thank the Coral Gables Chamber of Commerce for hosting this annual tradition and for its unwavering partnership with the City Beautiful. For more than a century, our city and Chamber have worked hand in hand to strengthen our economy, support local businesses and ensure Coral Gables remains one of America’s most desirable places to live, work and invest.
This has also been a year of transition for the Chamber. Transitions are never easy, but they create opportunities for new ideas and renewed energy. I congratulate Maria Garcia as she turns over the gavel after a job well done, and I welcome Jorge Martinez into his new leadership role. Having served as the city’s representative on the Chamber Board, I have seen firsthand the dedication of this organization’s volunteers. I look forward to continuing our strong partnership.
I would also like to recognize my colleagues on the City Commission, our elected officials, department directors, city staff and community leaders joining us this morning. And I especially recognize City Attorney Cristina Suarez and City Clerk Billy Urquia, whose professionalism and dedication help ensure our government operates with integrity every day. Thank you both for your service.
There is one more person I would like to recognize: our City Manager, Peter Iglesias.
Peter has devoted years of his career to this community, and his record can be seen throughout Coral Gables. Under his leadership, the restoration of our historic City Hall is underway; we are advancing the purchase of 475-495 Biltmore Way as the future home of Development Services; the Mobility Hub is preparing to break ground; and Firehouse 4 is serving residents in the southern portion of our city. Together, these projects reflect his ability to turn long-term priorities into lasting public investments while protecting the historic character that defines Coral Gables.
Perhaps the most important work of any manager is preparing the next generation to lead. Peter has done that as well. I congratulate Joe Gomez on his selection as our city manager designee. Our deputy manager’s readiness reflects his own record of service and Peter’s commitment to developing strong leadership from within.
As Peter prepares for his next chapter, I thank him for his friendship, counsel and tremendous positive impact on our city. He has been a trusted partner and respected leader who has always placed Coral Gables first. Mr. City Manager, on behalf of our residents and businesses, thank you for your extraordinary service. Ladies and gentlemen, please join me in thanking Peter Iglesias.
People often ask what I consider my greatest accomplishment of the past five years. It is a fair question. We celebrated our Centennial, welcomed new businesses, advanced infrastructure, invested in sustainability, strengthened public safety, modernized services and continued earning recognition as one of America’s premier communities.
Some might see those accomplishments as a finish line. I see something different. One of the greatest lessons I have learned in leadership is that there really is no finish line. We should celebrate graduations, championships, new headquarters and business openings. Those moments represent years of hard work. But good leaders understand that every finish line is another starting line.
The company that opens a headquarters must build its culture. The entrepreneur who opens a business begins the hard work of making it successful. The athlete who wins a championship assumes the responsibility of defending it. Success is not permission to become comfortable; it creates a greater responsibility.
That philosophy has guided me since I became your mayor. Every milestone leads us to ask: What’s next? How do we become better? How do we continue earning our residents’ confidence and making Coral Gables one of America’s best places to own a business? Today’s State of the City is not about the end of one chapter. It is about the beginning of the next.
Nothing demonstrates that better than our economy. This year alone, more than 150 businesses chose Coral Gables as their new home. Some are major corporations; others are family-owned businesses opening their first storefront. Some employ hundreds of people; others employ only a handful.
Everyone matters.
Major relocations make headlines, but small businesses remain the backbone of our economy. They create jobs, sponsor youth sports, support charities, invest in neighborhoods and give our downtown its character. Together, they make Coral Gables unlike any other South Florida community.
At the same time, we continue attracting respected national companies. I receive calls every week from business leaders and professionals seeking office space in Coral Gables. Demand for Class A office space exceeds the available supply. That is an enviable challenge and a clear signal: companies want to be here. We must plan thoughtfully so our downtown can welcome investment without losing the qualities that make it exceptional.
One of this year’s most significant milestones is City National Bank’s relocation of its headquarters to Coral Gables. Two floors have already welcomed employees, and the remaining offices are expected to be completed before year’s end. When the transition is complete, nearly 800 professionals will come into our downtown each day, walking our streets, dining in restaurants, shopping in stores and supporting local businesses.
Even more important is the kind of company City National has proven to be. From the beginning, its leaders have wanted to become part of our community and do business with other Coral Gables businesses. That is the kind of corporate citizen we want, because economic development is not merely about filling offices. It is about building a community and partnerships that strengthen everyone.
Welcoming City National is another starting line, and our responsibility is to help it thrive here for decades.
George Merrick understood that a great city needs more than beautiful buildings; it needs a thriving business community. Our responsibility is not simply to attract investment, but to create a place where businesses of every size can succeed. I believe we have never been better positioned to do that.
There is another reason companies choose Coral Gables: safety. Businesses invest where employees feel secure. Families choose communities where they feel protected. Visitors return where they feel welcome. Public safety is not simply a government service; it is one of a city’s greatest competitive advantages.
Being recognized as one of Florida’s safest communities does not mean our work is done. It means we keep raising the standard by investing in our Police Department, recruiting outstanding officers and embracing technology that helps first responders serve more effectively.
I am particularly proud that our Downtown Police Unit is now fully staffed. That means a stronger presence in our Central Business District, more interaction with merchants, greater visibility, more help for visitors and deeper community engagement. People may not remember the details of a police department, but they remember whether a place felt safe, welcoming and comfortable. When people feel safe, they stay longer, dine, shop, attend cultural events and return.
Public safety extends beyond policing. This year, we opened Firehouse 4 after breaking ground more than two years ago with a vision of expanding emergency response in southern Coral Gables. The station completes George Merrick’s century-old plan for four strategically located fire stations. It provides faster response south of U.S. 1 while serving a growing employment center that includes Baptist Health and surrounding businesses — an investment that will benefit generations.
Construction is expected to begin next month on one of the most important downtown infrastructure investments in decades: our new Mobility Hub. Some see a parking structure. I see modern infrastructure supporting a modern downtown. It will replace two obsolete garages with a state-of-the-art facility serving employees, residents, visitors and future generations. Businesses need convenient access, and modern cities compete with modern infrastructure. The Mobility Hub positions Coral Gables to grow while preserving the walkability and character that make downtown special.
Today’s infrastructure is also technology. Coral Gables is recognized worldwide as a smart city leader. We continue expanding our fiber network, deploying advanced technology and using real-time information to improve mobility, communications and customer service. Innovation is not about gadgets; it is about improving the experience of living, working and doing business here. We refuse to stand still because leaders never can.
Leadership also means ensuring Coral Gables has a strong voice beyond our borders. This year, we had another successful legislative session in Tallahassee, securing more than $1.5 million for environmental remediation, sanitary sewer improvements and dredging of the Ponce Waterway; projects that protect our environment, strengthen infrastructure and enhance quality of life.
I thank Gov. Ron DeSantis, Sens. Alexis Calatayud and Ileana Garcia, and Rep. Demi Busatta for their continued partnership and commitment to Coral Gables. Every dollar secured is an investment in our residents, businesses and future.
Now let me turn to our next starting line. Infrastructure, public safety, fiscal responsibility and innovation are essential, but they are only part of the equation. Great businesses do not simply choose office space; they choose communities. Executives ask whether they can recruit talent, whether employees will want to live here, whether families will enjoy it and whether young professionals will stay after work. They look for parks, culture, walkability and public spaces where people want to build their lives.
Quality of life is not separate from economic development. It is economic development. George Merrick understood that beautiful public spaces were not luxuries, but investments that would distinguish Coral Gables.
That philosophy guides my approach to development. My record has been consistent: downtown growth should bring more people and residents into the heart of Coral Gables, strengthen businesses and create a more active, walkable community. Every major development decision should also ask what the public receives in return.
That is why I have worked with developers to improve the public realm, not simply private projects. Where appropriate, additional height can be exchanged for meaningful public benefits: parks, open space, wider sidewalks and better gathering places. The goal is not growth for growth’s sake. It is well-designed growth that adds residents and economic vitality while leaving downtown greener, more welcoming and more beautiful.
We also continue investing in public art because it transforms ordinary spaces into destinations, creates identity and tells visitors they have arrived somewhere special. An extraordinary sculpture by internationally renowned artist Frank Stella, a project I championed will grace the renovated Ponce Circle Park. Few cities can feature the work of an artist represented in the world’s most prestigious museums. This sculpture will become a defining downtown landmark and another investment in experiences, not simply infrastructure.
Great cities are remembered not only for the places they create, but for the buildings they preserve. My commitment to historic preservation has helped ensure that progress in the City Beautiful remains rooted in the architecture, civic landmarks and sense of place entrusted to us.
That philosophy is reflected throughout downtown, where streetscapes, cultural programming, parks and gathering places strengthen our economy and build community just as roads and utilities do. Creating beautiful spaces is only the beginning; maintaining them is an ongoing responsibility. We are developing a downtown beautification and landscape maintenance program to keep sidewalks, alleys and landscaping in top condition. By bringing the city and property owners together, with owners contributing to a higher, consistent standard of care, we can keep downtown as pristine as our community expects.
People are drawn to places that inspire them. Businesses follow talented people, and talented people choose communities that invest in quality of life. That brings me to the most transformational project of our next chapter.
The City of Coral Gables and the University of Miami recently reached a historic Joint Development Agreement. For generations, the relationship between the city and University has been one of our greatest strengths. George Merrick believed a great city deserved a great university, and his vision helped make the University of Miami possible. More than a century later, that partnership continues to grow.
Together, we are creating Centennial Park, which will become the largest park in Coral Gables. During our Centennial, we reflected on the extraordinary vision that created this community. As we begin our second century, we are creating a legacy for generations to enjoy.
This is not simply another park. It is a statement about who we are and our commitment to sustainability, wellness, recreation and community. It reflects a truth every successful business understands recruiting the best talent requires offering more than a workplace. It requires offering a community.
Families will gather here, surrounded by native trees and plantings that reflect the natural beauty of South Florida. Centennial Park will offer a welcoming green space for all to enjoy while demonstrating our commitment to sustainability and environmentally sensitive landscaping. It is an opportunity to restore a piece of our native landscape in the heart of our city; and perhaps one of the greatest gifts we can leave the next generation. There may be no better example of another starting line.
As I look around this room, I see more than business owners. I see partners, investors, employers and community leaders who believe, as George Merrick did, that great communities are built through partnerships. Everything we have accomplished over the past five years has been possible because government cannot build a great city alone. It requires businesses willing to invest, residents willing to engage, universities willing to collaborate, nonprofits willing to serve and civic organizations like this Chamber that unite people around a common purpose. For that partnership, I am deeply grateful.
I am proud that together we welcomed businesses, strengthened our economy, modernized services, invested in infrastructure, enhanced public safety, embraced innovation and celebrated one hundred remarkable years. But none of those accomplishments are the finish line. Every success creates another responsibility.
Welcoming City National has begun a new corporate partnership. Opening Firehouse 4 renewed our investment in protecting the community. Beginning construction of the Mobility Hub will lay a foundation for downtown’s future. Creating Centennial Park will help launch Coral Gables’ next century.
Business leaders understand this better than anyone: the day you accomplish your biggest goal is often the day your next challenge begins. The companies represented here succeeded because they never stopped asking, ‘What’s next?’ Cities are no different.
We cannot become satisfied because we are recognized as one of America’s great communities, or comfortable because companies continue choosing Coral Gables. Leadership demands that we keep looking toward the horizon. George Merrick did not build Coral Gables simply to become one of America’s great cities. He built it to remain one. That responsibility now belongs to all of us.
So today, I do not stand before you celebrating the end of another successful chapter. I stand before you excited about the next one, because every finish line is simply another starting line. And I have never been more optimistic about the future of Coral Gables than I am today.
Thank you. God bless you, and may God continue to bless the City Beautiful.
