Century Homebuilders Group broke ground on the second phase of the Midtown Doral mixed-use project thanks to a $66.8 million construction loan.
Pacific Western Bank granted the mortgage to Century Town Center 1 LLC, a partnership between Century Homebuilders, Mattoni Group and Constructora Conconcreto. It covers the 3.8-acre site at the southeast corner of Northwest 107th Avenue and Northwest 82nd Street. It’s directly north of the first phase of Midtown Doral. CBRE’s Marcus Minaya and Amy Julian helped the borrower secure the loan.
Conconcreto Construction in Coral Gables recently filed notice with Miami-Dade County that it started work on the project. It will be called Century Towne Place.
The site was approved for 326 residential units in eight stories and 35,700 square feet of commercial space. The clubhouse would total 47,000 square feet in three stories, including a large fitness center, a spa with a steam room and sauna, a rooftop pool deck, and a banquet hall.
Doral-based Pascual, Perez, Kiliddjian & Associates is the architect of the project.
A third phase of the project is planned for later on a site located just north of the second phase.
In addition, the developer agreed to donate about 50 acres nearby to the city for use as a passive wetland park. That was in exchange for more density at Midtown Doral.
Apartment rents have been climbing throughout Miami-Dade County, and Doral has some of the highest rental rates in the area. It is one of the fastest growing cities in the county and has one of the largest concentrations of offices and industrial parks.