Developer Receives $ 27 Million Building Loan to Develop Little Havana – Commercial Observer

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Alan Amdur, director i3 development, received $ 26.5 million from Los Angeles Parkview Financial for a multifunctional complex in Little Havana.

The funds will go towards the construction of the first phase of the Riverwest multifunctional complex at: 805 West Flagler Street, which includes retail and residential components.

The first phase is expected to cost $ 32 million and complete retail sales on the 55,000 square foot ground floor, as well as a garage above the retail area. Most of the retail space is pre-leased to a discount retailer. Ross dress for less money and grocer Aldiwhich will take after completion of construction, which is scheduled for the 2023 holiday season.

“This property will truly be a catalyst for the development of other areas in the Little Havana Riverwest area,” he said. Aztec groupwith Charles Penan, who mediated the deal on behalf of the developer. “There is nothing of the kind there. So the local community [will] have a new mall where they can go grocery and buy clothes for their family. “

The Parkview loan is one of the first loans in the Miami area. He decided to close the deal in part because the retail property is already 80 percent leased. The rest of the space will be leased to smaller local tenants, Penan said.

“The lender has substantial collateral, and the borrower and developer have extensive experience in developing retail and mixed-use projects,” he said.

The entire project, which will include 278 apartment buildings and a residential tower, is scheduled for completion in the fourth quarter of 2025. The COVID-19 pandemic has delayed the permitting process for the project as the city hesitated to respond, Penan said, but he does not expect further delays.

Aztec Joel Zusman joined Penan in mediating the deal, and Amdur also helped arrange the loan. In Miami Kobe Karp is a project architect and lives in Miami. Amicon Construction Management is building a sales structure and a two-story garage, and is in talks with a general contractor.

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