Coral Gables has completed a $24 million purchase of the Biltmore Medical Center at 475-495 Biltmore Way, securing the entire 400 block of Biltmore Way for city use. The four-story, 53,029-square-foot building was previously owned by Jacksonville-based ShareMD, which bought it in 2019 for $14.6 million.
During ShareMD's ownership, occupancy rose from 82 percent to 94 percent and net operating income increased by 40 percent, according to Blanca Commercial Real Estate, the property's leasing agent.
The city will use the building to house development staff and administrative departments as a nearby historic city hall undergoes a multimillion-dollar renovation. Medicus Asset Management, ShareMD's property management affiliate, will oversee the building for one year following the sale. The city commission approved the purchase intent earlier this year.