Principal Real Estate Investors, a subsidiary of publicly traded Principal Financial Investment Manager, has issued the participating mini-perm financing to Coral Gables-based developer Coral Rock Development Group.
Pura Vida Hialeah is located 9 acres northeast of Okeechobee Road and Milam Dairy Road at 3051 W. 16th Ave.
The living area consists of three eight-story buildings with a total of 260 apartments. The Pura Vida residences offer studios as well as one, two and three bedroom units with an area of 538 to 1,099 square meters.
Amenities include a pool, gym, barbecue area, dog park, bike center and 24-hour security. One of the buildings will have 11,000 square feet of retail space on the ground floor.
Rents will be in line with market rates, which Colliers International in Hialeah has listed as about $ 1.60 per square foot, or $ 1,512 for a 945 square foot unit.
Construction work on the multi-family segment is slated to begin next month and be completed in the first quarter of 2022.
The construction of a 40,000 square meter retail store on three parcels is underway. The first building with a Dollar Tree Store is open.
InnovaCare Health, which offers health plan management and clinical surgeries, is slated to open shortly in a 20,000 square meter lease.
A Wawa gas station and a supermarket as well as a Taco Bell are also in a row.
The Pura Vida Mid-Rises will be a stark contrast to the mostly older, one- and two-story rentals in Hialeah.
“We don't just believe in the Hialeah market, but especially in the vision and experience of the team. Pura Vida will truly be a game changer in this community, "said Mary Scott, senior investment director at Principal Real Estate Investors, in a press release.
Other developers have also focused on Hialeah, including Prestige Cos. Based in Miami Lakes that has completed at least 800 units and 100,000 square feet of retail space.
But Pura Vida promises to be new to Hialeah as it is a mixed-use project that promises a walkable lifestyle that's more common downtown.
"Pura Vida will undoubtedly usher in a new lifestyle for Hialeah and create a contemporary and convenient new walk-in hub for residents and the surrounding neighborhood," said Michael Wohl, director of Coral Rock, in a statement. The funding is "a major milestone in making this vision a reality."
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