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Related Gets $137 Milllion Loan For Doral Complex

The Related Group is one step closer to creating CityPlace Doral, a 300,000-square-foot retail and residential development planned along Northwest 36th Street and 84th Avenue.

The prominent Miami-based developer Monday announced a $136.88 million loan from Regions Bank for Park Square Retail and Flats, a 304-unit residential complex that will launch the third phase of the proposed master-planned community.

The project is a joint venture between Related and partners including Shoma Development Corp.

With hundreds of residences, Park Square Retail and Flats will help launch the live-work-play complex by bringing 250,000 square feet of new space for about 30 retailers and restaurant tenants like Fresh Market and CineBistro cinema.

Already 60 percent leased, Park Square will be part of a transformative project that developers say will bring jobs, 800 residential units, office space and stores to the rapidly evolving suburb.

Designed by Arquitectonica International Corp. and built by Suffolk Construction, the first phase is scheduled to open in November 2016.

“This will be a game changer for Doral,” Steve Patterson, president of Related Development, said in a statement Monday. “Now that the anchor space and most of the (food and beverage) is spoken for, we will focus our leasing efforts on the fashion and soft-goods tenants.”

Up next: Related is at work on a Fashion Boulevard for CityPlace Doral with 10 spaces marketed to upscale retailers specializing in women’s fashion and beauty services.


Source:  DBR