Business is booming in Hialeah, as developers gobble up land and secure financing for a bevy of multifamily, industrial, and office projects planned for Miami-Dade County’s second most populous city.
Nine developers have dropped nearly $250 million for land acquisitions and borrowed almost $378 million for projects in the “City of Progress,” according to The Real Deal’s research.
Most of the developments are at the massive Countyline Corporate Park and call for warehouses, but other projects will be apartments, townhomes and offices. Some developers nabbed financing as recently as this month, despite a difficult borrowing environment and broader concerns over an economic slowdown.
Here are some of the projects planned for Hialeah:
7450 West Fourth Avenue | Prestige Companies and Florida Value Partners
Prestige and Florida Value Partners plan a three-story building with 12 apartments and 100 townhomes, which will be for rent. Prestige and Florida Value bought the 5-acre property last year for $15 million from a Prestige affiliate. The joint venture scored a $20.5 million mortgage from Boca Raton-based Amzak Capital Management in January. Prestige is based in Miami Lakes, and Florida Value is based in Miami.
4010 West 104th Street | Ares Management
Los Angeles-based Ares Management plans a three-building industrial and office complex at Countyline Corporate Park. Two of the three buildings will span 214,000 square feet, each, and the third will be nearly 193,000 square feet. Smaller office and warehouse spaces are also planned, ranging from 21,000 to 57,000 square feet. Ares paid $111.1 million for the property in January.
4220 West Place | Easton Group, LBA Logistics
Easton Group and LBA Logistics nabbed a $61 million construction loan in January to build spec warehouses slated to span 463,000 square feet. Doral-based Easton and Irvine, California-based LBA paid $29.4 million for the 26-acre vacant property last year. Des Moines, Iowa-based Principal Life insurance provided the financing.
955 East 25th Street | MG Developer, Baron Property Group
Coral Gables-based MG Developer and New York-based Baron Property Group inked a $148 million construction loan in September to build an apartment complex. The project, dubbed Metro Parc, is a planned two-building, 10-story, 559-unit project on land the developers assembled last year for $12.7 million.
410 West 104th Street | Ares Management
Los Angeles-based Ares Management scooped up two warehouses under construction at 410 West 104th Street and an adjacent parcel for $62 million. Ares paid $37 million for the first, 9.6-acre site, and $25 million for the second, 10.2-acre parcel. Ares took over construction after buying the development site from Miami-based Florida East Coast Industries (FECI).
3685 West 85th Path | Dacar Management
Last year, Dania Beach-based commercial real estate firm Dacar Management inked an $81 million construction loan for a mixed-use project at 3685 West 85th Path. Dacar acquired the 70-acre site in 2011 from a foreclosure auction, and is currently constructing a mixed-use project with 244 apartments and a retail component.
4030 West 88th Street | J.V.C. Management
Juan Carlos Gonzalez, through his company, J.V.C. Management, plans to replace a trucking lot with a multiphase project. The first phase calls for 314 apartments in seven buildings, and the second phase calls for an additional 300 units. Gonzalez scored a $67 million loan for the project in May.
100 East 32nd Street | Prestige Companies
An affiliate of Miami Lakes-based Prestige Companies paid $13.7 million in September for a 13.1-acre vacant lot, part of the 200-acre, historic Hialeah Park Racing & Casino. Prestige plans to develop a Mater Academy K-12 charter school and 343 apartments.
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