The Coral Gables Waterway, 100 Years Later, Part 1
One hundred years ago from today, which, right now we’re living in 2020 was 1920, during which there was a land boom in Florida largely fueled by advertisements placed in all assortment of newspapers on a regional, national, and hyperlocal basis.
Newsbank. I’m reading off from an ancient piece of history. This is part of a newspaper advertorial from 1925.
A Million Dollar Building Objective in Biscayne Bay Section
“The grandeur of Spain which may be envisioned with uninterrupted view from all of its shoreline. All combined to bring the Biscayne Bay section a wealth of interest and value beyond all other Coral Gables property.
The vision of the builder of Coral Gables was George E. Merrick. who so often in his past translated accomplished fact. See five thousand homes soon to be constructed in the Biscayne Bay section. And always as heretofore the Coral Gables Corporation will back his vision with its dollars and will put the full force of its earnings behind such a building objective.”Whooo. That’s quite an objective. “Since the beginning of Coral Gables ALMOST every dollar of receipts from sales except actual selling and overhead expense has gone back into the property either in the form of construction or development.
And many millions of dollars in addition have been obtained from other sources and invested in a like manner. The profits of the business has been substantial but until now they have been deferred. And not one cent of profit has ever been withdrawn for any purpose outside of Coral Gables. Within the next years these profits will accumulate a large cash reserve for the Coral Gables corporation. And it is the purpose of the corporation to devote the major par thereof to the accomplishment of Mr. Merrick’s purpose to see five thousand homes constructed in the Biscayne Bay section. The stock holders of the Coral Gables Corporation know of no better investment for their earnings than the Coral Gables property. In their opinion no other security which they might buy offers an equal opportunity of enhancement in value plus the margin of safety assured by the actual building and construction and development already completed in Coral Gables. Heh.
Simply on the basis of present sales and probable future sales and the existing ratio of receipts from sales it is estimated that the earnings of the Coral Gables Corporation and the proportion in which they are to be devoted to this purpose as they are converted into cash plus such sums as based on past experience can be reasonably expected to be available for construction from these insurance and mortgage companies which have already made extensive similar advances on Coral Gables property plus such other sums as will be invested of five thousand homes.”
Whoo so that I mean that’s a long talk about a run-on sentence. But insurance and mortgage companies apparently were largely responsible for underwriting the debt… “The architecture. The architecture of these homes will be treated more carefully than ever before in Coral Gables. Under the supervision of Denman Fink art director. Phineas E. Paist supervising architect, and Paul Chalfin consulting architect. Constituting the Architectural Board of Coral Gables about twenty architects of national repute have been selected to carry out this building program….”
“More forty than miles of waterfront boulevards tying up Coral Gables and its present broad avenues with every part of the great Miami Riviera Development the greatest of which will be Riviera Drive beginning of the Miami Biltmore Casino adjoining the heart of Millionaire’s Row
at Coconut Grove and continuing along the bay to the South Sea Isles of our Riviera Development.”
Yeah.
“The keystone tract of this wonderful waterfront… The keystone tract of this wonderful waterfront development greatest of all Miami’s waterfront suburbs has been made possible by the purchase of the Cocoplum Beach Property of Charles and James Deering which is the greatest unit of the entire waterfront development.
Coral Gables would have the cooperation of the Deering and the participation and ownership and development of the great Cocoplum Beach Estate. Coral Gables newer broader horizon opens up untold possibilities for the future. Even the brilliant record of attainments of the past few years are dwarfed in comparison. The addition of five thousand acres making ten thousand in all provides a background that outdistances comparison.
Six miles of bayfront. Forty miles of water frontage. Bay islands. The beautifying of the whole in the unified scheme of magnificent proportions. All of these will tax your imagination with what the future holds in Coral Gables. The picture is unrivaled in its transcendent beauty and in Miami it is still made more complete because these wonderful developments carry with them the wonderful opportunities for investment.
This splendid building objective when attained has for its aim for the future population of Coral Gables on approximately one lot in every five in the entire Biscayne section of an estimated value when completed of a quarter of a billliiiooonnnn Dolllaaarrrrrsss.”
Thank you very much.
This is a promotional item that was listed in the newspaper. Back when there was a news business like that.
