Major Miami Mixed-Use Project Breaks Ground
- May 01, 2019
Coral Rock Development Group and Arena Capital Holdings have broken ground on a nine-acre mixed-use project in the city of Hialeah, Fla., in Miami-Dade County. The community will feature 260 rental apartments along with retail and restaurant space.
The development, Pura Vida Hialeah, is slated for completion in 2020 and will include a trio of eight-story residential towers. One tower will provide about 11,000 square feet of ground-floor retail and three separate outparcels will contain approximately 40,000 square feet of retail space, hosting a Wawa convenience store and gas station, Taco Bell outlet, Dollar Tree store and two-story YouFit Health Club, among others.
The market-rate apartments will range in size from 538 to 1,099 square feet, including studios through three-bedroom units. Community amenities will include a pool, dog park, fitness center and 24-hour security staff.
Shaking up the neighborhood
The project, which will replace a mobile home park, is located on a corner at 2901-3099 W 16th Ave. and 1571 W 29th St., less than 10 miles from downtown Miami and nearby major thoroughfares including I-75, the Palmetto Expressway, the Florida Turnpike and Okeechobee Road.
The area’s first major mixed-use development in more than 20 years is intended to create a vibrant and walkable neighborhood with a range of shops and restaurants within the densely populated section of town. Pura Vida Hialeah stands to “transform the area’s aging retail and residential offerings with the first new sleek contemporary designed vertical towers,” the developers said in a statement.
Formed last year, Coral Rock Development Group consists of South Florida builders Stephen A. Blumenthal, David Brown, Victor Brown and Michael Wohl. The company unveiled plans for the Hialeah project last November.
Apartment rents in the Hialeah area are extremely stable and there is almost no vacancy, according to a recent market report by Yardi Matrix.