Construction has begun on Phase I of the CentroCity mixed-use project in Miami-Dade, Florida. This is after project developer Terra secured a $230 million construction loan for the development which includes the regeneration of the former Central Shopping Plaza. The financing was secured by Apollo Global Management and Mack Real Estate Credit Strategies.
Developers can now work on implementing the CentroCity mixed-use project in seven phases. The project site is a 38.4 acre lot in the West Little Havana neighborhood of Miami. Its scope includes the development of approximately 1,200 residential apartments at market price with sizes ranging from 500 to 1,250 square feet.
The CentroCity mixed-use project in Miami-Dade also includes green spaces and an office building. Additionally, there will be amenities such as pool decks, a dog park, game rooms, lounges as well as a playground. Another key component of the project will be the mall, along with 300,000 square feet of retail and restaurant space.
Also read: Plans underway for The Bluffs project in Florida
Additionally, the project also includes a 100,000 square foot Target store, serving as an anchor for the commercial and retail areas. Besides the Target store, the developers have also found other tenants for the commercial spaces of the project. These include Ross Dress for Less, DD’s, Fresco Y Mas, Walgreens and Bank of America.
Development plans for phase I of the CentroCity project
Beginning with commercial sites, retail components and residential units, developers are now proceeding with Phase I of CentroCity. During this phase, a shopping center will be built, along with upgrades to a 63-year-old 301,806 square foot shopping center.
Other plans for the first phase include the development of three 8-storey multi-family buildings, comprising 470 apartments in total. Building locations are 3800 NW 11th St., 3899 NW Seventh St., and 901 NW 39th Ave.
Construction of Phase I of the CentroCity project is expected to be completed by 2024. Plans are also in place for future developments, which will add more market-priced residential units to the area.
Two Miami-based architects were responsible for the designs of the CentroCity project. RSP Architects was the designer of the commercial component, while Arquitectonica handled the design of the apartments.