Controversial Paseo de la Riviera project secures construction loan
Developer secured approvals for the mixed-use project in Coral Gables two years ago
The contentious Paseo de la Rivera development along South Dixie Highway in Coral Gables just secured its construction financing.
Developer Brent Reynolds of NP International closed on $95 million in financing from Starwood Property Trust, records show. It marks another sign of activity for the mixed-use project: In June, the developer closed the Holiday Inn hotel on the site at 1350 South Dixie Highway.
Demolition of the Holiday Inn building is underway, Reynolds said. He plans to break ground on the new project before the end of the year and deliver Paseo about two years from then.
Reynolds secured approvals for the project two years ago after a tough debate with residents who protested the project in hopes of blocking future development in their neighborhood. Ultimately, NP International won approvals for a shorter project. The hotel will be capped at 126 feet and the apartment building at 112 feet. Originally, Reynolds sought approval for two 140-foot towers.
The Mediterranean-style complex will include an apartment building, hotel and public plaza. It will have about 200 units ranging in size from one to three bedrooms, and the hotel will have about 240 rooms. NP International closed on the 2.66-acre site last year for $44 million.