Ana's Pipeline Pick: Cora Merrick Park
Cora Merrick Park is a rare end-user condominium opportunity in Coral Gables, one of Miami’s most supply-constrained residential markets. With only 74 units, strong barriers to entry, and positioning within the $1M–$3M segment where end-user inventory is in undersupply, the project is exceptionally well positioned and very low risk.
Coral Gables remains one of the most supply-constrained residential markets in South Florida. New single-family inventory under $5M has become extremely scarce, as rising land costs and redevelopment have pushed replacement pricing significantly higher. As a result, end-users seeking modern product are likely to turn toward new boutique condominium projects such as Cora Merrick Park.
Cora Merrick Park is being developed by Constellation Group and Boschetti Group, experienced sponsors with a strong track record of delivering high-quality residential and mixed-use projects. Both groups maintain a long-term investment presence in Coral Gables and are directly involved in shaping the neighborhood’s evolution, including the recently completed 4225 Ponce Class A office development near Merrick Park.
South Florida continues to attract global capital, entrepreneurs, and wealth managers relocating from major financial centers. Coral Gables benefits from proximity to Brickell while maintaining strict development barriers that limit new supply.
The project sits in the Merrick Park district, one of the most walkable and affluent pockets of the city. The same development team recently delivered 4225 Ponce, a boutique Class A office building nearby that has already attracted firms such as UBS, reinforcing the area’s emergence as a hub for wealth management and professional services.
Project Snapshot
Address: 4241 Aurora Street, Coral Gables, Florida
Developer: Constellation Group, Boschetti Group
Total Residences: 74
Unit Mix: 1-3 bedroom residences | Approximately 1,400 – 3,300 SF
Pricing: Starting at ~$900K - ~$3M
Sales Gallery: 4200 Laguna Street. Coral Gables, FL 33146
Official Website: coramerrickpark.com
Project Status
Status: Under Construction
Groundbreaking: 2025
Estimated Delivery: 2027
Cora Merrick Park | Investment Thesis
Cora Merrick Park represents a rare opportunity to acquire new end-user residential product in one of South Florida’s most supply-constrained residential markets. Coral Gables has extremely limited development sites and strict zoning controls, which have historically restricted the pipeline of new residential inventory.
According to the Analytics Miami Coral Gables Market Report, the supply of modern single-family homes has effectively disappeared. As of December 2025, there were just 6 active listings of single-family homes under $3 million built since 2000, highlighting how little new housing has been delivered to the end-user market in recent decades.
As land values and construction costs have risen, replacement pricing for new homes has moved well beyond the traditional $3–5M range. As a result, professionals moving to the region will increasingly turn toward boutique condominium developments that offer comparable quality, location, and amenities.
Cora Merrick Park introduces a boutique residential offering of only 74 residences within walking distance of Merrick Park, one of the most desirable and walkable districts in Coral Gables.
The project is being developed by Constellation Group and Boschetti Group, experienced sponsors with a long-term investment presence in the neighborhood. The same team recently delivered 4225 Ponce, a boutique Class A office building nearby that secured a major lease with UBS, one of the world’s largest private banks, further reinforcing Coral Gables’ emergence as a hub for wealth management and professional services.
South Florida continues to attract global capital, entrepreneurs, and wealth managers relocating from major financial centers. Coral Gables benefits directly from this migration due to its proximity to Brickell while maintaining the stability, character, and barriers to entry of a mature residential neighborhood.
Taken together, the project combines scarce supply, experienced locally invested developers, and strong macroeconomic tailwinds, positioning Cora Merrick Park as one of the most compelling boutique residential opportunities in all of South Florida.
Developer Interview | Inside the Vision Behind the Project
Ana Bozovic sits down with Eduardo Otaola, CEO of Constellation Group, to discuss the vision behind Cora Merrick Park and the firm’s long-term commitment to Coral Gables.
The conversation was filmed on the top floor of Constellation’s recently topped-off 4225 Ponce office building, just a few blocks from the Cora Merrick Park site. From this vantage point overlooking Coral Gables, Otaola discusses the firm’s development philosophy, the thinking behind Cora Merrick Park, and why Constellation continues to invest heavily in the neighborhood.
In the interview, Otaola shares insight into the firm’s approach to boutique residential development, the evolution of the Merrick Park district, and the broader transformation of Coral Gables as wealth managers, financial firms, and entrepreneurs continue establishing a presence in the area.
The discussion offers a rare look into the strategy and long-term vision guiding one of South Florida's most compelling new residential developments.
Comprehensive Analysis of the Coral Gables MarketIndustry Event | Coral Gables Museum | June 24, 2025
Ana Bozovic joined leading voices in South Florida real estate for a comprehensive analysis of the Coral Gables market, presented at the Coral Gables Museum on June 24, 2025.
Hosted in partnership with the team behind Cora Merrick Park, the event brought together industry leaders including Eduardo Otaola of Constellation Group, Jay Phillip Parker of Douglas Elliman Florida, and Coral Gables Vice Mayor Rhonda Anderson to discuss the forces shaping the future of the city’s real estate market.
During the discussion, Bozovic presented key insights from her Analytics Miami research, highlighting Coral Gables’ highly constrained development pipeline, the scarcity of modern housing supply, and the growing demand for new residential product in the neighborhood.
The panel explored how Coral Gables continues to attract capital, residents, and businesses while maintaining the planning discipline and architectural character that define the City Beautiful.
Media Coverage: Featured in Profile Miami Real Estate
Read the article >
I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.