Coral Gables Pays $24M for Biltmore Medical Center to Expand City Hall

The City of Coral Gables, Florida, now owns the entire 400 block of Biltmore Way after paying $24 million for the Biltmore Medical Center at 475-495 Biltmore Way. The four-story building spans 53,029 square feet. Blanca Commercial Real Estate, the property's leasing agent, reported the price.

The building last changed hands in 2019, when Jacksonville-based ShareMD bought it for $14.6 million, according to county property records. Under ShareMD's ownership, occupancy rose from 82 percent to 94 percent and net operating income grew by 40 percent, according to the brokerage.

The acquisition follows a planned multimillion-dollar renovation of the historic City Hall, which is set to begin nearby. The city will use the medical center for development staff and administrative departments. The city commission approved the intent to purchase earlier this year. ShareMD's property management affiliate, Medicus Asset Management, will oversee the building for one year after the sale.

For developers and owners, the deal shows a municipality absorbing downtown office space to support its own capital program, which can shift local leasing demand in the Biltmore area.