Armando Codina’s Codina Partners scored a $115 million construction loan for its planned 18-story luxury apartment building in Coral Gables.
Goldman Sachs is providing Codina’s financing for the project, a spokesman for Codina confirmed. The Coral Gables-based developer received approval for the 124-unit project at 2601 Salzedo Street in June of last year.
Pricing has yet to be announced for the project.
The apartment complex, Regency Parc, will have two-, three-, and four-bedroom floor plans, ranging from 1,800 square feet to 6,000 square feet, according to the Codina representative. The building will also have two two-bedroom guest suites and three 12,000-square-foot full-floor “sky homes.”
Coral Gables-based architecture firm Nichols Brosch Wurst Wolfe & Associates designed the building with a 10,000-square-foot public park, restaurant space and 389 parking spaces. Amenities in the building will include two pools, coworking spaces, a library, a theater, a dog spa, a fitness center, and a catering kitchen, according to Codina’s website.
Codina bought the site for $13.2 million in 2021. He plans to live in one of the full-floor units, his firm’s website shows.
While Goldman opened up its coffers for Codina, these days developers face much more hesitant lenders than just a few years ago. Increasing costs for borrowing and construction have thrown a wet blanket over South Florida’s development boom. Apartment occupancy has also dropped across the region.
That said, projects are still getting financed. Carlos Rosso secured a $45 million construction loan from Bank OZK for his 12-story, 228-unit Standard Residences condos last month.
There is also sustained demand for luxury markets like Coral Gables. Codina isn’t the only developer with projects planned in the area.
Last month, Shoma Group announced it is doubling the height of its planned Shoma One, a mixed-use apartment project that will now include 740 rental units in two 40-story towers. Led by Masoud and Stephanie Shojaee, Shoma Group estimates the towers will cost more than $250 million to build.
On a smaller scale, Calta Group is planning to build 12 luxury townhomes in Coral Gables, with sales launching early next year. New York-based BAM Property Development has an eight-story, 120-unit multifamily project planned for a Miami site near Coral Gables.