The city of Homestead is one step closer to completing its public/private transit-oriented project, which will include a ShowBiz Cinema, more than 30,000 square feet of retail and a new parking garage.
Property records show developer Axiom Construction scored a $13.7 million construction loan for Homestead Station, a 150,000-square-foot development planned by the city in an effort to revive its quiet downtown area.
Axiom president Richard A. Otwell signed a 20-year ground lease with Homestead to manage, operate and service the facility, with an additional five-year option. The developer won approval to build the project last year in conjunction with the engineering firm Foresite Group.
The project will rise on a little more than 5 acres of land at 4 and 100 South Krome Avenue. The planned ShowBiz Cinema will feature 10 theaters, 10 bowling lanes and a video arcade. The parking garage will have more than 1,000 parking spaces and will connect to Miami-Dade County transit and trolley services.
A separate 45,000-square-foot virtual reality library concept, called Cybrary, will also be part of the development. The city is currently in talks with Landmark Entertainment Group, the company behind Universal Orlando rides like The Amazing Adventures of Spider-Man and Jurassic Park and Las Vegas’ Caesars Palace, to build the library.
Records show National Bank of Florida is the lender. A spokesperson for the city said the developer is expecting to complete the project by winter 2019.