Joint venture plans $70M mixed-use project in Hialeah

260 apartments and more than 50k sf of commercial space to replace mobile home park

TRD MIAMI /
Nov.November 30, 2018 10:38 AM

Renderings of Pura Vida Hialeah

A group of developers that includes Michael Wohl, Stephen A. Blumenthal and Oscar Rodriguez unveiled plans for a $70 million mixed-use project in Hialeah that will replace a mobile home park.

A joint venture between Coral Rock Development Group and Arena Capital Holdings plan to redevelop the Sunny Gardens Mobile Home Park at 2901 West 16th Avenue into 260 apartments and more than 50,000 square feet of commercial space.

Aerial renderings of Pura Vida Hialeah

Pura Vida Hialeah will consist of two, 8-story rental towers and one, 7-story rental building fronting 16th Avenue, which will feature about 11,000 square feet of ground floor retail space. The apartments will feature a mix of studios, one-, two-, and three-bedroom units. One-bedroom apartments at Pura Vida Hialeah will average about $1,300 in rent, Coral Rock Development Group’s Michael Wohl said. Amenities include a resort-style pool, a grilling area, gym and dog park.

Retailers like Dollar Tree, YouFit Health Club, Taco Bell and and the gas station/convenience store Wawa have signed on to the project.

Arena Capital’s Oscar Rodriguez said the retail portion is being built out and site work is underway for the apartment portion. The group plans to go vertical next year and complete the project in 2020.

The partners paid $12 million for the site in March. So far, about 20 mobile homes owners remain on the property. The residents were notified in April and have been relocating, many to affordable housing units developed by Pinnacle Housing Group, Wohl said.

The developers are in talks with BB&T to secure financing, according to Rodriguez, who declined to provide an amount.

Coral Rock Development Group opened its doors in April at 2800 Ponce De Leon in Coral Gables. The company consist of Stephen A. Blumenthal, David Brown, Victor Brown and Wohl of Pinnacle Housing Group. Arena Capital Holdings is led by Oscar Rodriguez, Ana Rodriguez and Sebastian Roiter.

Wohl said he’ll remain an investor in Pinnacle’s existing communities and at least five of its projects planned or under construction, but will now focus on building mixed-use projects with multifamily and retail components.


Related Articles

arrow_forward_ios
J.C. de Ona, Southeast Florida Division President of Centennial Bank, Amelia Mixed Use rendering

Prestige Companies nabs loan for mixed-use project in Hialeah

Prestige Companies nabs loan for mixed-use project in Hialeah
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
arrow_forward_ios

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

Loading...