Dacar Management will crank up construction on a Hialeah mixed-use project with 244 apartments and a retail component anchored by Publix, Burlington and HomeGoods.
Affiliates of the Dania Beach-based commercial real estate firm scored an $81 million construction loan from New York Life Insurance Company, according to records. The fixed-rate mortgage is interest free during the construction phase of Residences and Shoppes of Highland, a development that entails a 190,000-square-foot retail center and four garden-style apartment buildings of between four and five stories, according to a press release.
Jason Shapiro and Sean Harrington led an Aztec Group team that arranged financing on behalf of the Dacar affiliates, the release states. Dacar, led by President Alberto Micha, acquired the 70-acre site at 3685 West 85th Path in a foreclosure auction in 2011, records show.
The multifamily and retail components will be developed simultaneously, the release states. Site work has already begun, and the project is expected to be completed in the third quarter of 2023. In addition to Publix, Burlington and HomeGoods, other signed tenants include dd’s Discounts, Five Below, Famous Footwear and Taco Bell, the release states.
Renderings show Dacar also plans to develop 12 other outparcel buildings upon completion of the apartment complex and retail center.
Dacar owns 24 shopping centers in Miami-Dade, Broward and Palm Beach counties, as well as five development sites in Miami-Dade and Palm Beach counties, according to the firm’s website. In 2016, Dacar sold more than 100 acres in northwest Miami-Dade near the American Dream Miami mega-project to Lennar for $51 million.
In March, Dacar sold the Winn-Dixie-anchored Shoppes At Palm Coast Plaza in West Palm Beach for $24.8 million.
Retail properties are in demand in South Florida, with large shopping centers commanding whopping sale prices. Earlier this year, MG3 Group paid $70 million for the fully leased Fontainebleau Park Plaza in Miami-Dade. The shopping center is anchored by a Walmart Supercenter and other tenants include Carrabba’s, Chick-Fil-A and L.A. Fitness.
In December, AEW Capital Management acquired Shops at Beacon Lakes, a fully leased 33.8-acre shopping plaza near Sweetwater, for $108 million. It marked the largest retail transaction in South Florida in four years.