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

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

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
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
FECI's Kolleen Cobb with Countyline Corporate Park and the new sites at 4181 and 4241 West 108th Street (Google Maps)
FECI plans Countyline Corporate Park expansion with $33M construction loan
FECI plans Countyline Corporate Park expansion with $33M construction loan
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
The Easton Group's Edward Easton and a rendering of the warehouse project
Easton scores $24M construction loan for Hialeah Gardens spec warehouse
Easton scores $24M construction loan for Hialeah Gardens spec warehouse
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Prestige Companies CEO Marty Caparros Jr. and COO Alexander Ruiz with (from top) 1201 Palm Avenue, 40 West 23 Street and 2290 Palm Avenue (Google Maps)
Prestige scores $21M construction loan for three Hialeah workforce housing complexes
Prestige scores $21M construction loan for three Hialeah workforce housing complexes
EverWest CEO Rick Stone and TA Realty Managing Partner James Buckingham with 14001 Northwest 112th Avenue (Google Maps)
TA Realty buys Hialeah Gardens warehouse for $26M
TA Realty buys Hialeah Gardens warehouse for $26M
arrow_forward_ios

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

Loading...