Codina Partners has sold out 5300 Paseo, the second condo tower in Codina’s Downtown Doral mixed-use development, for $88 million.
The 219-unit building sold to a majority of buyers from Venezuelan, Colombian and South Florida, Oswaldo Betancourt, executive vice president of construction and development at Codina Partners, told The Real Deal. The developer completed 5252 Paseo, a 203-unit 20-story tower at Downtown Doral, about a year ago.
Betancourt said most buyers at 5300 Paseo were looking for second homes. He said that because of the project’s charter school, “we leave a portion of the building at the end to try to push local buyers.” Those require only 20 percent deposits, pending bank approval. Fortune International Realty handled sales for the building, which was completed in October.
Overall, the $1 billion, 250-acre master-planned community will include a city hall, charter school, townhomes and eventually, eight condo towers. When completed, Downtown Doral will have a total of 70 retail stores and restaurants; more than 1 million square feet of commercial space; 400,000 square feet of Class A office space and 2,840 residential units.
Codina will break ground on a 231-unit apartment tower and the second, 52,000-square-foot phase of retail at the beginning of April, Betancourt told TRD. A 50,000-square-foot Publix is also underway, and Betancourt said it’s also likely that a public library will be incorporated into community.
Sieger Suarez Architects designed 5300 Paseo and 5252 Paseo. Amenities at 5300 Paseo include a gym, yoga and aerobics studeo, sauna and treatment areas, social room, playroom and meeting room, an infinity pool and resort-style pool deck.
Next in the pipeline is 5350 Park, which is about 50 percent sold. Codina will break ground on that tower sometime during the second quarter of this year and complete it about 18 months from then. Interest at 5350 Park is coming from Ecuador, Bolivia and Peru, Betancourt said.
Other big-name developers like the Related Group, Shoma Homes and Sergio Pino are all building large, mixed-use projects in Doral.