The Real Deal
Former mobile home park site will be redeveloped into 260 apartments, 51K sf of retail
A partnership of developers that includes Michael Wohl, Stephen A. Blumenthal and Oscar Rodriguez closed on construction financing for a mixed-use project in Hialeah Miami-Dade County, Florida.
Coral Rock Development Group and Arena Capital Holdings secured a $12.75 million loan from BB&T Bank for Pura Vida Hialeah, a 9-acre development with 260 apartment units and 51,000 square feet of retail space at 2901 to 3099 West 16th Avenue and 1571 West 29th Street.
The residential component will be spread across three eight-story buildings with units ranging from 538 square feet to 1,099 square feet and up to three-bedrooms, according to a release.
Amenities will include a resort-style pool, gym, outdoor grilling area and dog park, as well as 11,000 square feet of ground floor retail space in one residential tower. Three out parcels will have the remaining 40,000 square feet of retail space.
Tenants will include a Wawa convenience store and gas station, a Taco Bell restaurant, a Dollar Tree store and a two-story YouFit Health Club.
The partners paid $12 million for the site, a mobile home park, in March. Construction began in April. The retail component is expected to be completed in the second quarter of the year 2020.
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