UPDATED Aug. 4, 3:10 p.m.: Codina Partners just nabbed another $20 million in financing for Downtown Doral, property records show.
The new loan covers 50,000 square feet of retail space in Codina’s Downtown Doral project. Records show the lender is Wells Fargo.
Codina Partners CEO Ana Codina Barlick said in a statement that the loan is for Phase 2 of the retail for The Shops at Downtown Doral. It will be a natural continuation of phase 1 of The Shops at Downtown Doral.
The restaurants and shops that the loan covers will line 53rd Street beginning at Paseo and will continue to between 84th Avenue and 85th Avenue. Phase 2 is scheduled to be completed in the fourth quarter of this year.
The mixed-use project already has a leasing roster of about 70 retail shops and restaurants. Last year Codina Partners unveiled Publix Super Markets as its grocery store tenant in Downtown Doral. Construction of the supermarket is also expected to wrap up in December.
Codina is creating Downtown Doral on the former site of Koger Office Park near the Palmetto Expressway. When completed, Downtown Doral will have more than 1 million square feet of commercial space, 400,000 square feet of Class A office space and 5,000 residential units. The master-planned community will include a city hall, charter school, town homes, single-family homes and eventually, eight condo towers.
In Doral, Downtown Doral joins such other mixed-use developments as Related Group’s and Shoma Homes’ CityPlace Doral, which includes 600,000 square feet of retail and more than 1,000 residences.
Correction: A previous version of this story said the loan was for Phase 1.