Allen Morris Company has secured a $132.5 million construction loan from Bank OZK for its Ponce Park condominium project in Coral Gables. The 11-story development, planned for 3000 Ponce de Leon Boulevard, will feature 58 residential units. This financing adds to Bank OZK’s growing involvement as a lender for condominium projects across South Florida.
Lotus Capital Partners, headed by Faisal Ashraf, arranged the loan. The transaction comes shortly after Allen Morris Company obtained a $138.5 million construction loan for its Ziggurat condo project in Miami’s Coconut Grove from BDT & MSD Partners and BHI.
The developer, based in Coral Gables and led by president W.A. Spencer Morris, began sales of Ponce Park roughly a year ago through One Sotheby’s International Realty. Remaining residences are priced starting at $2.9 million. Construction commenced in December and completion is targeted for early 2028.
The development will also involve an $11 million renovation of the city-owned Ponce Circle Park. Designed by John Cunningham with interiors by Meyer Davis, the building will include 25,000 square feet of retail space featuring a restaurant, rooftop pool and bar, café, spa, and fitness center.
Earlier versions of the project were rejected by city boards; however, in 2024 the Coral Gables Commission unanimously approved ordinances allowing changes such as increased land use intensity and rezoning to permit high-rise construction. The commission also vacated an alleyway between properties to accommodate the new plan.
As part of these approvals, Allen Morris Company agreed to contribute $2 million toward public improvements and committed to cover or raise funds for any shortfall or overruns related to the Ponce Circle Park renovation. The park is located between the Allen Morris site and the Plaza mixed-use development.
