Coral Gables now owns an entire city block next to City Hall after paying $24 million for a four-story medical office building on Biltmore Way.

The city bought the Biltmore Medical Center at 475-495 Biltmore Way from ShareMD, a medical office investor that has since rebranded to Parallel Medical Properties, The Real Deal reported Oct. 30. The deal gives the city the full 400 block on Biltmore Way, roughly 500 feet from the historic City Hall at 405 Biltmore Way.

The purchase price works out to $453 per square foot for the roughly 53,030-square-foot building. That is a 65 percent jump from the $275 per square foot ShareMD paid in 2019, when it acquired the property for $14.6 million as part of a larger $33.2 million portfolio deal, according to The Real Deal.

The building is 94 percent occupied. Tenants include Asthma and Allergy Associates of Florida, Gastro Health, Katz Regenerative Foot and Ankle and Miami Ortho Spine, according to The Real Deal. Listings from May showed about 5,000 square feet available for lease at $45.50 per square foot.

Tere Blanca's Blanca Commercial Real Estate served as the sole leasing agent for the property, according to a release from the firm cited by The Real Deal. The firm said occupancy rose from 82 percent to 94 percent and net operating income increased by 40 percent during ShareMD's ownership.

What the city plans to do with it

The city commission approved the intent to purchase the property months ago and had been negotiating a price, according to The Real Deal. The South Florida Business Journal reported the city intends to use part of the space to expand municipal operations and City Hall.

In May, city spokesperson Martha Pantin wrote via email that the development services division had the "greatest current need" for additional space, according to The Real Deal's earlier reporting. Pantin said other departments such as parking and human resources could also be considered for relocation depending on the outcome of negotiations and the city's space-planning needs.

The city tapped ShareMD's property management affiliate, Medicus Asset Management, to oversee the building for an initial one-year term after the sale.


The commission approved the purchase 4-0 on Aug. 25, with Commissioner Ariel Fernandez absent. The $24 million came from the city’s Building Reserve, according to the city’s Ordinance 2026-30.

City Hall renovation looms next door

The acquisition comes as a multimillion-dollar renovation of the nearly century-old City Hall is set to begin. The City Commission authorized up to $40 million in revenue bonds to finance the restoration and approved a construction contract with Thornton Construction capped at $39,977,989.

The restoration of the Mediterranean Revival landmark has generated debate among preservationists over plans to replace, rather than restore, the building's original wood-framed windows, The Real Deal reported.

Several city departments have already moved out of City Hall. The city leased about 10,500 square feet at Florida East Coast Realty's 2020 Ponce de Leon Blvd. tower. The city manager, city attorney and city clerk offices moved to a 6,900-square-foot space on the 12th floor, and the finance department moved to a 3,600-square-foot space on the ground floor. Commission meetings are being held in the Public Safety Building on Salzedo Street.