Prestige Companies nabs loan for mixed-use project in Hialeah
Amelia project will have 30 apartments and 17K square feet of commercial space
Prestige Companies scored a $6.6 million construction loan to develop a mixed-use project in Hialeah, as more developers continue to target the city.
The Miami Lakes-based company secured the loan from Conway, Arkansas-based Centennial Bank to construct the project at 7755 West Fourth Avenue. The project, known as Amelia Mixed Use, will have 30 one-bedroom and one-bathroom apartment rental units along with two commercial units totaling 17,000 square feet, according to a press release.
A daycare has preleased about 4,500 square feet of the commercial space, while Pan.Com Sandwicheria signed a lease for about 3,000 square feet, according to the release.
Prestige Companies, led by Marty Caparros, has a number of projects in the area. The development group’s projects include the Amelia Oaks, a nearby 82-unit rental project, and Las Vistas at Amelia, a 174-unit rental complex at 7925 West Second Court.
Real estate developers are eyeing Hialeah for new development due to its proximity to the Miami International Airport and less expensive land.
Vagabond Group’s Avra Jain is planning an adaptive re-use commercial development on about 6 acres east Hialeah.
A partnership of developers that includes Michael Wohl, Stephen A. Blumenthal and Oscar Rodriguez is building 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.