Miami Mixed-Use Project Scores $13M Loan
- Aug 14, 2019
A joint venture of Coral Rock Development Group and Arena Capital Holdings has obtained $12.8 million in financing for the retail portion of Pura Vida Hialeah, a 9-acre mixed-use project in Hialeah, Fla., the first of its kind in the area in more than 20 years. BB&T Bank originated the construction loan. General contractor Bluewater Construction broke ground on the project in April and plans to complete its retail section in the second quarter of 2020.
Developers of Pura Vida are looking to revamp the area’s aging retail and residential offerings by adding restaurants, shops and other conveniences for a pedestrian-friendly lifestyle. The project will encompass three eight-story buildings totaling 260 apartment units and approximately 51,000 square feet of retail space. Confirmed retail tenants include Wawa, Taco Bell, Dollar Tree and YouFit Health Club. The market-rate residences will feature studios and one- to three-bedroom floorplans ranging from 538 to 1,099 square feet. Amenities will include a resort-style pool, gym, barbecue area and dog park.
Situated at 2901-3099 W. 16th Ave. and 1571 W. 29th St., the development is adjacent to State Road 27 and minutes from Interstate 75, Palmetto Expressway and Ronald Reagan Turnpike. Downtown Miami is approximately 13 miles southeast via Interstate 95 and Miami International Airport is 6.7 miles south.
In June, a mixed-use project in Aventura, Fla., received $36 million in construction financing from BridgeInvest. The 10-story medical and office development is slated for delivery in the first quarter of 2020.