The retail portion of Pura Vida Hialeah, a mixed-use project, secured a $12.75 million construction loan.
Branch Banking & Trust Co. provided the mortgage to the developer, a joint venture between Coral Rock Development Group and Arena Capital Holdings.
Located on nearly nine acres at 2901 W. 16th Ave., Hialeah Pura Vida will have 51,000 square feet of retail and 260 apartments, with 11,000 square feet of retail on the ground floor of a residential building and the rest in free-standing buildings. This loan covers only the retail portion of the project.
Pura Vida Hialeah broke ground in April. It should be completed in the second quarter of 2020.
“This is a proud moment as we come one step closer to delivering a new retail and residential landmark for Hialeah and the surrounding neighborhood,” said Stephen Blumenthal, principal of Coral Rock Development Group. “It gives us enormous satisfaction that BB&T recognized the obvious need in the marketplace for a project of this kind that will invigorate the area like never before.”
Tenants already signed up for Pura Vida Hialeah include a Wawa convenience store and gas station, YouFit Health Club, Taco Bell and Dollar Tree.
“Pura Vida Hialeah will benefit the area for many years to come,” said Michael Wohl, principal of Coral Rock Development Group. “The project will introduce a new paradigm in the area and we are excited to welcome additional retail tenants in the near future as we continue our forward momentum.”
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