Axiom Construction scores financing for downtown Homestead Station project

Development will include a ShowBiz Cinema and a new parking garage

Miami /
Apr.April 11, 2018 02:35 PM

Renderings of Homestead Station and Cybrary and Axiom’s Richard A. Otwell (Credit: City of Homestead and Axiom Construction)

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.


Related Articles

arrow_forward_ios
Matthew Baron and Alirio Torrealba
MG Developer, partner score $148M loan for Hialeah apartments
MG Developer, partner score $148M loan for Hialeah apartments
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
Lissette Calderon with rendering of Fourteen Residences Allapattah (LinkedIn, Neology Development Group)
Lissette Calderon’s third Allapattah project scores $58M loan
Lissette Calderon’s third Allapattah project scores $58M loan
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
David Schwartz and Martin Nussbaum with rendering of Namdar Towers (Slate Property Group)
Namdar nabs $195M loan for downtown Miami apartment towers
Namdar nabs $195M loan for downtown Miami apartment towers
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)
JV scores $87M construction loan for West Palm Beach office projects
JV scores $87M construction loan for West Palm Beach office projects
Rendering of the Resia Old Cutler workforce apartment complex in south Miami-Dade County with Resia’s CEO and President Ernesto Lopes (LinkedIn, Resia, illustration by The Real Deal with Getty)
Resia scores $60M construction loan for workforce housing complex near Cutler Bay
Resia scores $60M construction loan for workforce housing complex near Cutler Bay
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...