Coral Rock Scores $54M Loan for Miami-Area Project
The construction financing will help bring 260 residential units to Pura Vida Hialeah, a nine-acre mixed-use development.
Coral Rock Development Group has secured $53.5 million in construction financing for the residential segment of Pura Vida Hialeah, a nine-acre mixed-use project in Hialeah, Fla. Principal Real Estate Investors acted as the lender.
The residential development will comprise three eight-story towers offering a total of 260 units, ranging from studio to three-bedroom layouts. Planned amenities include a swimming pool, dog park, biking center and BBQ area. Completion is scheduled for 2022, with KAST Construction serving as general contractor.
The property will also feature about 11,000 square feet of ground-floor retail and three separate outparcels for roughly 40,000 square feet of commercial space. The retail portion currently houses a Dollar Tree store. Future tenants will include InnovaCare Health, a Wawa convenience store and Taco Bell, among others.
Located at 3051 W 16th Avenue, Pura Vida is 10 miles from Miami International Airport. The surrounding area has several retail and dining options, including Miracle Mile Shopping Center, which is within walking distance of the asset.
In September, Principal Real Estate Investors and partner Optima opened the second tower of a $500 million project in Scottsdale, Ariz.