Codina Partners secures $39 million loan for Miami-Dade retail and parking expansion

By Brian Bandell for South Florida Business Journal

Codina Partners obtained a $38.8 million construction loan to expand the retail and parking at its Downtown Doral mixed-use project.

Miami-based Ocean Bank provided the mortgage to Downtown Doral Retail Holdings III and IV, both affiliates of Coral Gables-based Codina Partners. The loan matures in May 2027, although it may be extended to May 2031.

Codina Partners said the loan will fund the third, and final, expansion of retail at Downtown Doral with another 25,000 square feet of new space along Northwest 87th Avenue, plus another 932 spaces in the expanded parking garage. The project will break ground during the second quarter and should be completed in 2026.

“Securing this financing brings our vision for Downtown Doral one step closer to completion,” said Ana Marie Codina, CEO of Codina Partners. “It enables us to deliver the final piece of our thoughtfully curated retail center—where residents and visitors can dine, shop, relax, exercise, connect and gather in a dynamic, walkable destination.”

The University of Miami Health System (UHealth) has already leased space there. It will occupy 11,243 square feet at the corner of Northwest 87th Avenue and Northwest 53rd Terrace – now called UHealth Way – for its Bascom Palmer Eye Institute, along with physical therapy. That will complement the 160,000-square-foot UHealth Doral outpatient center that opened in Downtown Doral in 2024.

The newly expanded retail will feature another 13,644 square feet that can be divided into up to nine tenant bays, with seven on the ground floor and two on the second floor.

In a recent interview, Codina Group Executive Chairman Armando Codina said restaurants in Downtown Doral are so busy that there’s not enough parking now.

In addition, Codina Partners will break ground on the Sevilla Downtown Doral apartments, with 411 units in eight stories, within a month.

Downtown Doral also features condos, offices, several charter schools, and a cultural arts center.

External Source: Codina Partners obtains construction loan for retail in Downtown Doral – South Florida Business Journal