Phase I construction of the CentroCity mixed-use project in Miami-Dade, Florida has begun. This is after the project developer, Terra, secured a $230 million construction loan for the development which includes the regeneration of the former Central Shopping Plaza. The funding was secured through Apollo Global Management and Mack Real Estate Credit Strategies.
The developers can now work towards implementing the seven-phased CentroCity mixed-use project. The project site is 38.4-acre land in Miami’s West Little Havana neighborhood. Its scope includes the development of about 1,200 market-rate residential apartments with sizes ranging from 500 to 1,250 square feet.
The CentroCity mixed-use project in Miami-Dade also features green spaces and an office building. Moreover, there will be amenities such as pool decks, a dog park, game rooms, lounges as well as a playground. Another key feature of the project will be the shopping center, along with 300,000 square feet of retail and restaurant space.
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Additionally, the project also includes a 100,000-square-foot Target store, serving as the anchor for the shopping and retail areas. Besides the Target store, the developers also landed other tenants for the project’s retail spaces. 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
Starting with the shopping venues, retail components, and residential units, the developers are now proceeding with phase I of CentroCity. In this phase, a retail center will be built, along with upgrades to a 301,806-square-foot, 63-year-old retail center.
Further plans for the first phase include the development of three 8-story multifamily buildings, comprising 470 apartment units in total. The buildings’ locations are 3800 N.W. 11th St., 3899 N.W. Seventh St., and 901 N.W. 39th Ave.
Construction on Phase I of the CentroCity project is expected to reach completion by 2024. Plans are also in place for future developments, which will add more market-rate residential units to the region.
Two Miami-based architects were responsible for the designs of the CentroCity project. RSP Architects was the designer for the retail component, while Arquitectonica handled the apartment designs.
