Coral Rock Development Group closed on a $53.5 million participating construction, mini perm loan for the residential 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. Principal Real Estate Investors served as the lender.
Pura Vida Hialeah portends to transform the area’s aging residential and retail 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. 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.
“We are very proud to secure construction financing with Principal Real Estate Investors for Pura Vida Hialeah as we step closer to delivering this compelling project to the area,” said Michael Wohl, principal of Coral Rock Development Group. “Pura Vida will undeniably introduce a new lifestyle for Hialeah creating a contemporary and convenient new walkable hub for residents and the surrounding neighborhood, and this is a momentous milestone in bringing this vision to fruition.”
The project is poised to become the new epicenter of Hialeah. 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, biking center, and 24-hour security staff for the convenience of residents. General contractor KAST Construction will break ground on the residential portion of the project next month and will open for occupancy in the first quarter of 2022. The retail portion of the project broke ground in April 2019, recently completing the first building this summer with retail tenant Dollar Tree now open, and soon to be joined by InnovaCare Health. InnovaCare Health will occupy 20,000 square feet providing Pura Vida residents and the surrounding neighborhood with accessible healthcare services. Additional 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, and a Taco Bell restaurant, with more to be announced in the coming months. Situated on a prime corner at 3051 W 16th Avenue, 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.
“Principal has worked with the Coral Rock Development team for almost two years to help make this project a reality. We believe not only in the Hialeah market, but especially in the team’s vision and experience. Pura Vida will truly be a game changing development in this community,” said Mary Scott, Senior Investment Director at Principal Real Estate Investors.
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