Related Group nabs $136.9M loan for CityPlace Doral
The Related Group has closed on a $136.88 million construction loan from Regions Bank for CityPlace Doral, the company announced Monday.
Related Development, Prudential and Shoma Homes are developing the mixed-use project. Related Urban in charge of handling the leasing, tenant coordination and management of the retail component.
This phase of CityPlace Doral consists of 304 residential units on top of more than 250,000 square feet of retail space, with tenants including Fresh Market, Cinebistro theater, Kings bowling, and more than 30 restaurants and retail shops. Additional tenants include Pie Bar, Salsa Fiesta, Mixtura, Angelo, Cooper’s Hawk, Burger & Beer Joint, Sushi Siam and Cabo Flats.
Steve Patterson, president of Related Development, told The Real Deal on Monday that Cheese Course, Sloan’s and Venetian Nail also have recently signed leases.
CityPlace Doral’s first retail phase was designed by Arquitectonica and will be constructed by Suffolk Construction. In all, the master planned development will have more than 800 residential units, office and retail space, according to a release.
The project is now more than 60 percent pre-leased, Related said. The first phase of CityPlace Doral is scheduled to open in November of 2016. “We expect to have the center fully leased by then,” Patterson told TRD.
Asking rents in the center range from $40 per square foot to $75 per square foot, he said.
“We’ve pretty much leased out the food and beverage portion of the center, and from here forward, on the leasing, we will be focusing on the fashion and soft goods,” Patterson said.
Related and Shoma are among the developers aiming to transform Doral with more residential and retail options. Armando Codina’s Downtown Doral is a master-planned community that calls for eight to nine mid-rise condo towers, 70 retail stores and restaurants, and more than a million square feet of office space in four buildings along a new Main Street. Sergio Pino’s Century Homebuilders Group is also planning a mixed-use development, Midtown Doral, a four-phase development near the corner of Northwest 107th Avenue and Northwest 74th Street.