Ugo Colombo’s luxury dealer The Collection has secured a $ 64.5 million construction loan for a second location in Coral Gables.
The Collection, run by Colombo and CEO Ken Gorin, builds the Jaguar and Land Rover dealership on approximately 2 acres at 125, 155 and 163 South Dixie Highway. JP Morgan Chase Bank is the lender, according to records.
Jaguar sales will move to The Collection’s new headquarters location at 200 Bird Road, while Land Rover is a new addition to the company’s offerings, Gorin said.
The 500,000-square-foot project is about 40% underway and is expected to be completed in late spring next year, Gorin said.
In addition to Jaguar, The Collection’s corporate headquarters now includes 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 of Coral Gables plans to renovate the city’s former police building at 2801 Salzedo Street and use it as a showroom and storage. The concessionaire bought the city property for $ 16.7 million in April.
In South Florida, several dealers have traded this year. Auto mogul Michael Maroone bought Roger Dean Chevy West Palm Beach dealership from Roger Dean Chevrolet for $ 12.5 million in March.
In Lake Worth Beach, two entities managed by Ali Ahmed bought the Wayne Akers Ford and Wayne Akers Truck Rentals properties for $ 20.7 million in February.