Old is the new new.(QUICKTAKES)

Developer Ralph Sanchez has quietly assembled seven acres of land around Coral Gables' Ponce Circle, a few blocks south of Miracle Mile. He has city approval for his mixed-use project, and expects to break ground in 2007. The new development will be called ... Old Spanish Village.

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Sanchez--the man behind the Miami Grand Prix and the $100 million Homestead Motorsports Complex--acquired the parcels over the past few years as managing partner of Ponce Circle Develop