The Real Deal Miami

Developer lands $22M construction loan for shops at Metropica

Aventura- and New York-based Nuverse Advisors is the lender

May 31, 2016 09:45AM
By Katherine Kallergis

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Rendering of the retail component at Metropica

Rendering of the retail component at Metropica

Joseph Kavana closed a $22 million loan for the retail portion of Metropica, a 65-acre mixed-use community in west Broward.

Kavana’s KGH International Development will use the financing for the second phase of infrastructure work, according to a press release. A subsidiary of Aventura- and New York-based Nuverse Advisors is the lender.

Metropica’s 400,000 square feet of retail will include:

  • Anchors: iPic Theaters, Kings Bowl,
  • Retail: Anthropologie, Free People, Kendra Scott jewelry, Oil and Vinegar
  • Restaurants: Salsa Fiesta, Shake Shack, True Food Kitchens, Pisco y Nazca

The retail will officially break ground this fall, according to a spokesperson. Developers expect to complete the entire project within five to seven years. No new tenants have been announced since October, but the spokesperson said the development received interest from potential tenants at ICSC.

The $1.5 billion, Sunrise community will include 150,000 square feet of Class A office space on top of street-level retail, as well as a 400,000-square-foot business park. Avison Young is handling leasing for the project’s 550,000 square feet of office space.

Altogether, Metropica will include eight condo towers with 1,900 residential units, a hotel, a health and wellness center, a beach club, public spaces, and elevated recreational amenities such as tennis courts and mini soccer fields. Chad Oppenheim is the lead designer.

Construction is underway for the project’s first condo tower, Yoo at Metropica. The 28-story, 263-unit building broke ground in October, and received conditional Fannie Mae approval in January.