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 16^th Avenue and 1571 W 29^th 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.

Is Hialeah the next Brooklyn? According to City of Hialeah Mayor Carlos Hernandez it may just be, and a transformative new mixed-use project, Pura Vida Hialeah, is paving the way.

Miami-based Coral Rock Development Group and Arena Capital Holdings recently commemorated the groundbreaking of Pura Vida Hialeah, a nine-acre mixed-use project set to be the first of its kind in Hialeah in more than 20 years.

When complete, the project portends to transform the area’s aging retail and residential offerings with the first new sleek contemporary designed vertical towers, and will boast a vibrant mix of popular restaurants, shops and other conveniences while providing an exceptional pedestrian-friendly lifestyle, adding a much-needed benefit to the densely populated community.

Held on April 25^th at the future site of Pura Vida Hialeah, the ceremonial groundbreaking was hosted by the project’s development team – comprised of industry veterans Stephen A. Blumenthal, David Brown, Victor Brown and Michael Wohl of Coral Rock Development Group, as well as Oscar Rodriguez, Ana Rodriguez and Sebastian Roiter of Arena Capital Holdings. Dozens of industry leaders, project partners, top city officials and numerous other dignitaries were in attendance including City of Hialeah Mayor Carlos Hernandez, Hialeah City Council President Vivian Casals-Munoz and City of Hialeah Councilman Paul Hernandez, who all provided remarks to celebrate this project milestone.

Mayor Carlos Hernandez, addressing the crowd in English and in Spanish, commended the developers for their vision and acknowledged how Pura Vida Hialeah is already sparking other innovative developments in the city.  Known as the City of Progress, Mayor Carlos Hernandez said “Hialeah is the new Brooklyn.” 

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 incredibly proud to officially break ground on Pura Vida Hialeah,” said Stephen Blumenthal, principal of Coral Rock Development Group. “A new paradigm for living in Hialeah, we’re extremely pleased that Pura Vida Hialeah will be a positive catalyst and usher in a new era in the community.”

“This is an exciting beginning to what will soon be an extraordinary and vibrant urban environment for Hialeah,” said Michael Wohl, principal of Coral Rock Development Group. “We’re very grateful to Mayor Carlos Hernandez and the City of Hialeah who have supported us in making this community-driven development a reality.”

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.

Situated on a prime corner at 2901-3099 W 16^th Avenue and 1571 W 29^th 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. The project is slated for completion in 2020.

Miami-based Coral Rock Development Group and Arena Capital Holdings announced today that they have acquired Prospect Towers, a downtown Clearwater, Florida senior living high-rise for $13.5 million.

Well-positioned in an Opportunity Zone, the 17-story, multifamily building is located at 801 Chestnut St. and is comprised of 208 independent senior living units. Situated within close proximity to the Intracoastal Waterway and Memorial Causeway, the property is set on 2.3 acres and boasts a compelling unit mix of efficiencies and one-bedroom floorplans. Full-service amenities include a recreational room, library, business center, gym, and community kitchen, while each residence features expansive wall-to-wall windows with exceptional views of the Gulf Coast beaches, downtown Clearwater, and the surrounding area.

In this unique venture, Coral Rock Development Group and Arena Capital Holdings plan to jointly upgrade the aesthetics of the common areas throughout the property as well as enhance the interiors of a portion of select units. Innovation Senior Management will manage operations of the building on behalf of the owners, and will also implement new services for residents including home health and physician visits, and educational and social programs to enrich the overall living experience.

“We are very pleased to expand Coral Rock’s footprint with the acquisition of Prospect Towers, the second asset that we own and operate in partnership with Arena Capital Holdings,” said Stephen Blumenthal, principal of Coral Rock Development Group. “This acquisition aligns with our growth strategy and further strengthens our ownership presence in the state of Florida and we look forward to providing residents with a value-add program and building upgrades throughout.”

“We are continually seeking investment opportunities within prime Florida locations and Prospect Towers is an exciting addition to our growing portfolio,” added Oscar Rodriguez, Manager of Arena Capital Holdings.

Coral Rock Development Group and Arena Capital Holdings are also jointly developing the recently announced Pura Vida Hialeah, a nine-acre major mixed-use development set to be the first of its kind in the area in more than 20 years.

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