Coral Gables may add a medical office building to its municipal real estate portfolio as the city prepares for a major renovation of its historic City Hall.

City commissioners are expected to discuss the potential purchase of Biltmore Medical Center, a 55,000-square-foot medical office property at 475-495 Biltmore Way. The building is owned by Georgia-based ShareMD and sits only a short distance from Coral Gables City Hall at 405 Biltmore Way, where a significant restoration project is expected to begin this summer.

No final purchase agreement has been approved. Any completed sale agreement would still need to return to the City Commission for a vote.

The building is currently about 91 percent leased, with roughly 5,000 square feet available. Asking rent for the available space is listed at $45.50 per square foot. Existing tenants include several healthcare practices, among them allergy, asthma, gastroenterology, orthopedic spine, and foot and ankle providers.

While the city has not finalized how it would use the property, officials have pointed to a need for additional space for city operations. The development services division appears to have the most immediate need, though other departments such as parking and human resources could also be considered depending on negotiations and future space planning.

For the medical office market, the possible acquisition highlights the strength of well-located healthcare real estate in Coral Gables. The property’s occupancy level, central location and proximity to civic offices make it attractive not only as a medical asset, but also as a strategic real estate holding.

ShareMD acquired the building in 2019 for $14.6 million, or about $265 per square foot, as part of a larger transaction that also included an office property in South Miami.

The city’s interest comes as Coral Gables prepares to invest an estimated $25 million to $30 million into restoring its nearly century-old City Hall. That project is expected to start this summer and wrap up late next year.

If the purchase moves forward, the deal could shift a healthcare-oriented property into partial or full civic use, depending on how the city handles existing leases and long-term occupancy plans. For now, Biltmore Medical Center remains a leased medical office asset in one of Miami-Dade County’s most established professional and healthcare submarkets.