MV Group USA is aiming to kickstart commercial activity in downtown Miami Springs by renovating two retail centers the Miami-based development firm owns.
MV Group President and CEO Manny Varas told The Real Deal that the project will cost $12 million to $14 million, and work is expected to begin in June.
In January, an MV Group affiliate paid a combined $6.1 million for a 14,927-square-foot retail building at 1 South Royal Poinciana Boulevard, and a 12,117-square-foot retail building and a 1,906-square-foot out parcel at 69 Hook Square, according to records. MV Group also obtained a $6.5 million loan from City National Bank that will pay for nearly half of the construction costs, Varas said.
The retail centers at 1 South Royal Poinciana Boulevard and 69 Hook Square in Miami Springs (MV Group)
The properties are close to Circle Park, the city’s largest green space that is encircled by a roundabout that acts as downtown Miami Springs’ main thoroughfare. Varas said hotels and short-term rental properties in Miami Springs are getting a large influx of travelers.
“They are doing amazing,” Varas said. “There’s really a need to activate the downtown corridor. We thought about being at the forefront in Miami Springs and activating the circle.”
Completed in 1945 and 1953, the buildings will be known as The Springs Circle Center once renovations are completed, which is expected in December, Varas said. The retail properties are adjacent to Miami Springs Town Center, a three-story mixed-use apartment and retail project currently under construction.
The renovations include a sleek and modern redesign of the two retail centers by Modis Architects, Varas said. The revamp will feature outdoor seating and state-of-the-art retail and restaurant spaces, he added.
MV Group is also going to install new impact windows and doors, a new roof and a new air conditioning system, as well as raising the facades of both buildings, Varas said.
At the time of purchase, both buildings were 50 percent occupied, and a majority of the existing tenants signed new 10-year leases, Varas said. MV Group wants to add national restaurants to boost the tenant mix. The average asking rent is $35 a square foot, he added. Andrew Pearl with Investment Management Associates is the leasing broker.
“We are currently finalizing leases with several national restaurant chains and expect to be 100 percent leased within 60 days,” Varas said. “This revitalization project shall create 15,000 square feet of new restaurants and businesses.”
Founded in 2007, MV Group develops luxury homes and commercial projects, and provides construction services to build out office spaces and condominium common areas, according to the firm’s website. One of MV Group’s past projects is a Mediterranean-style, three-story building at 4136 North Miami Avenue in Miami’s Design District, completed in 2017.
In 2018, the firm sold the property for $10.1 million to an affiliate of David and Leila Centner, a Miami Beach couple who converted the building into their controversial Centner Academy, a private school that made headlines for threatening to fire teachers if they received the Covid-19 vaccine, and for requiring students who received the vaccine to quarantine for 30 days. The academy backed off the requirement following news reports that led to a backlash against the Centners.