Related Group nabs $136.9M loan for CityPlace Doral

Fresh Market, Cinebistro theatre are among the tenants at the planned mixed-use development

TRD MIAMI /
Jul.July 06, 2015 02:15 PM

The Related Group has closed on a $136.88 million construction loan from Regions Bank for CityPlace Doral, the company announced Monday. 

Related Development, Prudential and Shoma Homes are developing the mixed-use project. Related Urban in charge of handling the leasing, tenant coordination and management of the retail component.

This phase of CityPlace Doral consists of 304 residential units on top of more than 250,000 square feet of retail space, with tenants including Fresh Market, Cinebistro theater, Kings bowling, and more than 30 restaurants and retail shops. Additional tenants include Pie Bar, Salsa Fiesta, Mixtura, Angelo, Cooper’s Hawk, Burger & Beer Joint, Sushi Siam and Cabo Flats.

Steve Patterson, president of Related Development, told The Real Deal on Monday that Cheese Course, Sloan’s and Venetian Nail also have recently signed leases.

CityPlace Doral’s first retail phase was designed by Arquitectonica and will be constructed by Suffolk Construction. In all, the master planned development will have more than 800 residential units, office and retail space, according to a release.

The project is now more than 60 percent pre-leased, Related said. The first phase of CityPlace Doral is scheduled to open in November of 2016. “We expect to have the center fully leased by then,” Patterson told TRD.

Asking rents in the center range from $40 per square foot to $75 per square foot, he said.

“We’ve pretty much leased out the food and beverage portion of the center, and from here forward, on the leasing, we will be focusing on the fashion and soft goods,” Patterson said.

Related and Shoma are among the developers aiming to transform Doral with more residential and retail options. Armando Codina’s Downtown Doral is a master-planned community that calls for eight to nine mid-rise condo towers, 70 retail stores and restaurants, and more than a million square feet of office space in four buildings along a new Main Street. Sergio Pino’s Century Homebuilders Group is also planning a mixed-use development, Midtown Doral, a four-phase development near the corner of Northwest 107th Avenue and Northwest 74th Street.


Related Articles

arrow_forward_ios
LeBron James with a rendering of Unknwn Wynwood (Credit: Getty Images)

Renderings revealed: River Parc master plan, Unknwn’s Wynwood store

Daily Digest Miami

1111 Lincoln inks retail lease with Yoyoso, Miami-Dade and Related Urban reveal massive affordable housing plan

One Ocean

Allegations of shoddy construction pile up at Related’s One Ocean

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

233 North Miami Avenue and Jorge Perez

Related Group picks up two lots next to Miami Dade College for $9M

arrow_forward_ios