MIAMI, FL - Miami-based Coral Rock Development Group and Arena Capital Holdings proudly announced today that they have closed on a $12.75 million construction loan for the retail portion of Pura Vida Hialeah, a nine-acre mixed-use project that is transforming Hialeah and is set to be the first of its kind in the area in more than 20 years. BB&T served as the lender.
“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.”
The project, which broke ground in April, portends to transform the area’s aging retail and residential offerings with the first new sleek contemporary designed vertical towers. Boasting a vibrant mix of popular restaurants, shops and other conveniences, Pura Vida Hialeah will provide an exceptional pedestrian-friendly lifestyle, adding a much-needed benefit to the densely populated community.
“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.”
Jointly developed by Coral Rock Development Group and Arena Capital Holdings, the project is poised to become the new epicenter of Hialeah creating a contemporary and convenient new walkable lifestyle for Hialeah residents.
“We’re pleased to be able to provide the retail construction financing for this extraordinary project, which will undoubtedly spark other innovative developments in the city,” said Gus Phillips, Senior Vice President at BB&T.
“We’re excited to watch Hialeah’s growth and transformation as Pura Vida Hialeah ushers in the next era for the area,” added Carlos Moore, Senior Vice President at BB&T.
The visionary project will encompass three eight-story residential towers consisting of 260 apartment units, with one tower offering approximately 11,000 square feet of ground floor retail; as well as three separate outparcels consisting of approximately 40,000 square feet of commercial retail space. Confirmed retail tenants include a Wawa convenience store and gas station – representing one of the first outposts in Miami-Dade County for the rapidly expanding chain, a Taco Bell restaurant, a Dollar Tree store and a two-story YouFit Health Club.
Offering a wide array of floorplans ranging in size from 538 square feet to 1,099 square feet, the market-rate rental residences at Pura Vida Hialeah will include studios, one, two, and three-bedroom units. Featured amenities will include a resort-style pool, state-of-the-art gym, BBQ area, dog park, and 24-hour security staff for the convenience of residents.
General contractor Bluewater Construction broke ground in April 2019 and is on schedule to complete the retail portion of the project in the second quarter of 2020.
Situated on a prime corner at 2901-3099 W 16th Avenue and 1571 W 29th Street, Pura Vida Hialeah boasts a central location just minutes from major thoroughfares including I-75, the Palmetto Expressway, the Florida Turnpike and Okeechobee Road, offering direct access to Greater Miami and the surrounding areas.
About Coral Rock Development Group: Coral Rock Development Group, a newly formed development firm, aligns four of South Florida’s leading veteran commercial real estate builders and developers – Stephen A. Blumenthal, David Brown, Victor Brown and Michael Wohl. The partners have earned well-established reputations for high-quality, innovation and value in the related industries of multifamily, commercial, industrial and mini storage. Coral Rock’s principals bring their distinct, respective strengths to the firm that will focus on mixed-use developments across the state of Florida.
About Arena Capital Holdings: Led by Oscar Rodriguez, Ana Rodriguez and Sebastian Roiter, Arena Capital Holdings is a Miami-based, commercial real estate investment company that draws from a three-decade lineage of family-owned and operated real estate and banking businesses. Founded in 2002 by the family’s “next generation,” the company has concentrated on acquiring, repositioning, and adding value to multifamily and retail properties for long-term investment.