Ugo Colombo’s luxury retailer The Collection received a $ 64.5 million construction loan for a second location in Coral Gables.
The Collection, led by Colombo and President and CEO Ken Gorin, is building the Jaguar and Land Rover dealership on approximately two acres on South Dixie Hwy 125, 155 and 163. JP Morgan Chase Bank is the lender according to records.
Jaguar sales are moving from The Collection’s headquarters at 200 Bird Road to the new location, while Land Rover is a new addition to the company’s offering, Gorin said.
The 500,000 square foot project is about 40 percent underway and is expected to be completed in late spring next year, Gorin said.
In addition to Jaguar, The Collection’s headquarters now run Audi, Porsche, Ferrari, Maserati, McLaren, Aston Martin and Alfa Romeo, according to the dealer’s website. It also has a Ferrari Of Miami location at 1550 Biscayne Road in Miami.
In another dealership expansion in Coral Gables, Mercedes-Benz from Coral Gables plans to renovate the former city police building at 2801 Salzedo Street and use it as a showroom and storage space. The dealership bought the property from the city in April for $ 16.7 million.
Several traders have traded across South Florida this year. Automogul Michael Maroone bought the Roger Dean Chevy dealer in West Palm Beach from Roger Dean Chevrolet for $ 12.5 million in March.
In Lake Worth Beach, two Ali Ahmed-managed companies bought Wayne Akers Ford properties and Wayne Akers Truck Rentals for $ 20.7 million in February.