The Miami Springs City Council approved plans for a nearly 100,000-square foot mixed-use project in the city’s downtown.
The Miami Springs Town Center, a joint venture between CIP Miami Springs and LV Lending, recently obtained site plan approval from the city to build the $12 million project, according to a release. The 1.5-acre property, at 1 Curtiss Parkway, is next to Circle Park and near a strip of retail and restaurants. Gene Garcia, Fernando Espino and Carlos Alonso of CIP Miami Springs, and Camilo Niño and Ricardo Uribe of LV Lending are developing the project.
The project will include three floors of rental apartments totaling 51 units, 24,000 square feet of ground floor retail and a 100-space parking garage, according to a press release. Plans for the site were designed by Cabrera Ramos Architects. The developers plan to start construction in the fourth quarter of this year and be completed by next summer.
The city passed a new ordinance last year to improve and encourage more development in its commercial district near Canal Street, Nakhoda Drive and Curtiss Parkway. Miami Springs is also seeking to build a park along the canal.
The development group purchased the Miami Springs site in October 2018 for $4.65 million. The site included a 12,142-square-foot retail center and a theater.
LV Lending, a Miami-based private lender, has overseen more than 460 transactions totaling $300 million in Florida and Georgia. The company recently partnered with Arkansas-based Centennial Bank to provide a $51 million loan to Estate Investments Group for its 306-unit Soleste Almeda apartment project in West Miami.