Coral Gables Mayor Vince Lago pitched a 5.52-acre park, a $70 million transit facility and an 800-employee corporate headquarters as signs the city is surging.

Lago laid out the projects Sept. 17 during his sixth State of the City address at the Biltmore Hotel, the Coral Gables Gazette reported. The speech came less than seven weeks before the Nov. 3 municipal election, in which Lago is seeking what would be his final consecutive two-year term against challengers Laureano Cancio and Jackson "Rip" Holmes.

"Every finish line is another starting line," Lago told the audience.

Major development projects advance

Lago called the planned Centennial Park the city's most significant upcoming project. Under a joint development agreement with the University of Miami, the university would convey the 5.52-acre Lee Lincoln property to the city for what Lago said would become the largest park in Coral Gables.

The City Commission voted 4-0 on Aug. 26 on first reading to advance the 30-year agreement and four related zoning amendments. A second reading is still required. No date for that hearing has been announced.

The broader deal would replace the campus's existing 6.8 million-square-foot development cap with a floor area ratio allowing roughly 10.5 million square feet. It would also permit hospital use of up to 100 beds and raise the enrollment mitigation threshold from 13,000 to 17,500 students. UM's annual payment to the city would increase 4% each year.

Lago said the park land must be perpetually maintained for public park purposes and cannot be sold, leased or used for nonpark purposes. The Gazette noted it has not independently verified comparable land sales Lago cited to argue the property is highly valuable.

The Mobility Hub, planned for the site of Parking Garage No. 1 at 245 Andalusia Ave., is the city's other marquee project. Demolition of the aging garage is tentatively set for October, with construction expected to take 18 months.

The commission authorized up to $70 million in bonds for the project in July, with city documents targeting an early-October bond closing. The facility would replace two obsolete garages with about 626 parking spaces, a rooftop park and expanded electric-vehicle infrastructure.

The project has drawn opposition. The commission approved the 145-foot design 3-2 on Oct. 28, 2025, with Commissioners Ariel Fernandez and Melissa Castro voting against it as too tall.

Business growth and leadership changes

Lago said more than 150 businesses chose Coral Gables in 2026. The Gazette noted it has not verified that figure. He pointed to City National Bank of Florida, which announced in 2025 it would occupy about 145,000 square feet and bring roughly 800 Miami-Dade employees to a new downtown headquarters. Two floors are already occupied, with the rest expected by the end of 2026.

Lago thanked outgoing City Manager Peter Iglesias and congratulated Deputy City Manager Joe Gomez, whom the commission voted 3-1 on Aug. 25 to appoint as the next city manager effective Jan. 8, 2027. Commissioner Castro cast the sole dissenting vote, saying her opposition was to bypassing a national search, not to Gomez himself.

Gomez, 70, joined Coral Gables in July 2024 and was promoted to deputy city manager in February 2025. He previously led public works at the City of Miami Beach. His starting salary will be $305,324.

At the Aug. 25 meeting, Iglesias endorsed the choice, saying the city was in "very capable hands."

Other city projects and funding

The $11.5 million Firehouse 4 on Sunset Drive has opened, completing the city's four-station fire-rescue system. Lago also noted a planned Frank Stella sculpture at Ponce Circle Park and $1.575 million in state funding for environmental remediation, sewer rehabilitation and waterway dredging.

Coral Gables voters head to the polls Nov. 3 in the city's first-ever November general election.