Related, Shoma Buy Site for Miami-Area Mixed-Use Development
- Apr 05, 2012
Doral, Fla.—Related Group and Shoma Group have acquired land for a mixed-use development of multifamily housing, retail and other commercial product in the city of Doral in Miami-Dade County. The Park Square at Doral will be located on 48-acres, and the developers say ground will likely be broken on the first phase later this year.
The exact plans for the property aren’t finalized yet, but the developers and the city are now trying to nail down the details. The first phase will include as many as 400 multifamily units on six acres entitled for that use. The multifamily component will offer one-, two- and three-bedroom units in a six-story building with structured parking. The first phase will also include retail space, possibly in an open-air setting: upscale dining and entertainment, as well as local shops and anchor stores.
One of the goals for the mixed-use project is to create a pedestrian-friendly environment the immediate vicinity, according to the developers. The project will also complement the nearby One Park Square at Doral building, which is home to 281,000 square feet of office space tenanted by the likes of Amadeus North America’s corporate headquarters, the Latin Recording Academy and Harley-Davidson Motor Co.’s Latin America regional sales offices.
With a commercial population that rises to more than 150,000 employees daily, Doral has experienced significant growth in recent years. According to the U.S. Census Bureau, its residential population increased by nearly 125 percent between 2000 and 2010, and the city is now home to more than 9,000 businesses. The city is also considered a hub of international trade in the Miami area.
Regions Bank provided financing for the land acquisition, but not for the project itself, which will probably involve different lenders. Blanca Commercial Real Estate president and CEO Tere Blanca represented Shoma Group in the transaction, teaming up with Robert Kaplan and Mark Rutherford of Ackman-Ziff Real Estate Group LLC.