After nabbing a $38.8 million construction loan, Codina Partners is gearing up to build the last retail piece at Downtown Doral.
Miami-based Ocean Bank provided the financing to an affiliate of Coral Gables-based Codina that is developing 25,000 square feet of retail and 932 parking spaces on Northwest 87th Avenue between Northwest 52nd Street and Northwest 53rd Street, records show.
Codina, led by father-daughter duo Armando Codina and Ana-Marie Codina, is the master developer of Downtown Doral, a 250-acre mixed-use community consisting of apartment towers, condominiums, 600,000 square feet of office space and 280,000 square feet of retail.
Codina plans to break ground on the 25,000-square-foot retail block in a few weeks, a press release states. The firm secured the University of Miami Health System, or UHealth, as an anchor tenant occupying 11,243 square feet. The facility will include the Bascom Palmer Eye Institute and physical therapy rooms.
The remaining 13,644 square feet could be divided into up to nine tenant bays, with seven on the ground floor and two on the second floor, the release states.
In January, Codina obtained a $124 million refinancing for Palma Tower One and Palma Tower Two, a pair of apartment buildings with a combined 459 units. Guardian Life Insurance Company of America provided the loan, which Codina partially used to buy out its partner Invesco’s stake in one of the buildings. The mortgage replaced an existing $92.8 million and increased it by $31.2 million.
Last year, the city of Doral approved a site plan for Codina’s third apartment project at Downtown Doral. The firm is planning Sevilla, a seven-story building with 412 units on 4.2 acres near the planned 25,000-square-foot retail plaza.
Codina is developing Sevilla in two phases that will be scheduled for completion in the second quarter and fourth quarter, respectively, of next year.
