Downtown Doral’s first resi tower, 5252 Paseo, is sold out

203-unit 20-story tower is the first high-rise for Codina Partners' master-planned community

May.May 08, 2015 02:30 PM

The first residential project of Codina Partners’ Downtown Doral is sold out, The Real Deal has learned.

5252 Paseo, a 203-unit 20-story tower sold mostly to foreign investors from Latin America, Codina Partners CEO Ana Codina Barlick told TRD.

“We have a lot of interest from local buyers, but the 50 percent deposit structure makes it difficult,” she said.

Units at 5252 Paseo range from $279,990 to $909,000, according to developers. An additional 2,000 residential units will be built when Downtown Doral is completed in 2020. The master-planned community includes eight to nine mid-rise condo towers, more than 1 million square feet of office space, a K-5 charter school, and 70 retail stores and restaurants.

5252 Paseo will open at the end of this year, Codina Barlick said. It will be designed by Sieger-Suarez and amenities will include golf course views, valet, a 24/7 front desk, gym, pool, spa, catering and children’s play area. The tower is the first high-rise for the community, and a topping off ceremony is scheduled for May 19.

A UPS Store, AT&T store, Marilyn Monroe Spa and Nail Salon, and liquor store are among the retailers Codina announced this week, Codina Barlick said. Popular Coral Gables eatery Bulla Gastrobar will open a Peruvian ceviche restaurant called Pisco y Nazca; and Dragonfly, a Japanese sushi chain out of Gainesville and Orlando, will also be a tenant. No theaters or department stores are planned.

“We’re looking to be like the street level of Midtown Miami and Miracle Mile,” she told TRD of the 180,000 square feet of retail space. “We’re targeting a mix of people, and at the end of the day, we want to serve local people.”

5300 Paseo is next for the residential component of Downtown Doral. Sales are going well, Codina Barlick said, and developers obtained a $46 million loan in April, according to property records.

Residents will also have access to a private preschool, as well as the charter school, which will open in August of this year. Codina Barlick said that about half of the $1 million square feet of office space is complete and nearly 100 percent leased. Developers are targeting Fortune 500 companies, she said.

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