Developers score loan for mixed-use project in Hialeah

Former mobile home park site will be redeveloped into 260 apartments, 51K sf of retail

TRD MIAMI /
Aug.August 13, 2019 08:45 AM
Rendering of Pura Vida Hialeah with Michael Wohl, Stephen A. Blumenthal, Victor Brown, and David Brown

Rendering of Pura Vida Hialeah with Michael Wohl, Stephen A. Blumenthal, Victor Brown, and David Brown

A partnership of developers that includes Michael Wohl, Stephen A. Blumenthal and Oscar Rodriguez closed on construction financing for a mixed-use project in Hialeah.

Coral Rock Development Group and Arena Capital Holdings secured a $12.75 million loan from BB&T Bank for Pura Vida Hialeah, a 9-acre development with 260 apartment units and 51,000 square feet of retail space at 2901 to 3099 West 16th Avenue and 1571 West 29th Street.

The residential component will be spread across three eight-story buildings with units ranging from 538 square feet to 1,099 square feet and up to three-bedrooms, according to a release.

Amenities will include a resort-style pool, gym, outdoor grilling area and dog park, as well as 11,000 square feet of ground floor retail space in one residential tower. Three outparcels will have the remaining 40,000 square feet of retail space.

Tenants will include a Wawa convenience store and gas station, a Taco Bell restaurant, a Dollar Tree store and a two-story YouFit Health Club.

The partners paid $12 million for the site, a mobile home park, in March. Construction began in April. The retail component is expected to be completed in the second quarter of 2020.


Related Articles

arrow_forward_ios
Mayor Bud Scholl and EverWest CEO Rick Stone with 1101 East 33rd Street, Hialeah (City of Sunny Isles Beach, EverWest)

Sunny Isles mayor sells Hialeah warehouse for $13M

Sunny Isles mayor sells Hialeah warehouse for $13M
Seritage CEO Benjamin Schall, CTO CEO John Albright, and 1460 West 49th Street, Hialeah (Credit: Google Maps)

Seritage sells Hialeah shopping center for $21M

Seritage sells Hialeah shopping center for $21M
Renderings of a proposed project (Courtesy of Apex Capital Realty)

CBD investor sells Hialeah Gardens dev site for $5M

CBD investor sells Hialeah Gardens dev site for $5M
Michael Wohl and a rendering of the project

Coral Rock lands construction loan on Hialeah project

Coral Rock lands construction loan on Hialeah project
6365 W 24th Ave, Hialeah (Credit: Google Maps)

Miami investor buys Hialeah apartments for $13M

Miami investor buys Hialeah apartments for $13M
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)

Terra and Related pay off $112M construction loan for Park Grove condo tower

Terra and Related pay off $112M construction loan for Park Grove condo tower
Jeff Ardizon and Robert Suris with 950 West 49th Street, Hialeah

Estate Companies buys shuttered Hialeah Ramada for $15M

Estate Companies buys shuttered Hialeah Ramada for $15M
arrow_forward_ios

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

Loading...