Trending Multifamily News
Coral Gables-based Coral Rock Development Group today unveiled plans for Buena Vida, a Little Havana-based workforce/affordable housing mixed-use project.
Located at 22nd Avenue and Flagler Street, Buena Vida will encompass 175 units of workforce and affordable housing boasting a compelling mix of one, two and three-bedroom floorplans ranging in size from 471 to 1,105 square feet along with structured parking. The eight-story project will also include 15,000 square feet of retail space.
Full-service featured community amenities will include a gym, dog park, conference center, pool and BBQ area. The retail space will include a medical wellness center for the benefit of residents and the surrounding area, along with a mix of retail shops and restaurants designed to enrich the neighborhood.
“We are very pleased to announce Buena Vida and create a high-quality workforce/affordable housing offering for families and seniors,” said Michael Wohl, principal of Coral Rock Development Group. “We are grateful for the support of Commissioner Joe Carollo in seeing our vision come to life to add to the growth and development in the Little Havana neighborhood. His endorsement has been critical in bringing this forward. As we’ve seen throughout the pandemic and the disruption of livelihoods for so many members of our community over the past year, now more than ever there’s an overwhelming need to provide apartments for those who cannot afford the high current market rate and are as a result paying a high percentage of family income for rent.”
Buena Vida was designed by RSP Architects. Groundbreaking on the project will begin in 2022 and is scheduled for completion in 2023.
Coral Rock Development Group is also developing Pura Vida Hialeah, a nine-acre major mixed-use development set to be the first of its kind in more than 20 years. Pura Vida Hialeah topped off earlier this year and is on schedule for completion in Q1 2022.
For more information, please visit www.coralrockgroup.com.
Miami-based Coral Rock Development Group and Paragon Group of Florida today unveiled plans for Highland Oaks, a Pompano Beach-based affordable housing townhome project.
Set on a 10.75-acre site at 921 N.W. Third Avenue, Highland Oaks will encompass 138 units of affordable housing consisting of 70 two-bedroom units of about 1,000 square feet, 68 three-bedroom units of about 1,250 square feet and 305 parking spaces.
Offering uniquely expansive townhome units catering to a larger family or a mature family requiring more space and storage, the majority of units will come with a covered garage, which can be used for storage or parking of an additional vehicle. Featured community amenities will include a tot lot, computer lab, gym, and vita course around the property for outdoor exercising.
“At Coral Rock Development, our goal is to look for transformational and niche opportunities that will best serve the community. When we set out to develop this project our goal was to create an offering that meets the needs of families who require more space than the standard two or three bedroom-style units currently available,” said Stephen Blumenthal, principal of Coral Rock Development Group. “Pompano Beach is a market that has a continuing need for workforce and affordable housing and we’re grateful to the Broward County Housing Finance Authority, Ralph Stone and Debbie Zomermaand who have supported us in bringing this community-driven development to the area.”
Highland Oaks is conveniently located near Blanche Ely High School, and just minutes from major thoroughfares including I-95 and Atlantic Boulevard.
“We are very pleased to partner with Coral Rock Development Group on this project that will complement the existing affordable housing stock in this area. The large infill site alone was a unique opportunity to create a townhome rental product of this distinctive size that offers such expansive space for families,” said Luis Gonzalez, principal of Paragon Group of Florida. “Highland Oaks will stand apart from the area’s traditional three-story garden style buildings and we look forward to delivering this product.”
Groundbreaking on the project will begin before the end of the year and is slated for completion in the fourth quarter of 2021.
Miami-based Coral Rock Development Group announced today that they have 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.
“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.”
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.
“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.
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.
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.
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 25th 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 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. 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.
# # #
