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South Florida Business Journal: Mixed-use development project near UM obtains $95M to start construction
November 22, 2017
by Brian Bandell
NP International obtained a $95 million construction loan for its Paseo de la Riviera mixed-use project across the street from the University of Miami in Coral Gables.
Starwood Property Mortgage, as the administrative agent for a group of lenders, assumed the $16.5 million loan originally granted last year by TotalBank and boosted it to $95 million. The borrower is 1350 S. Dixie LLC, an affiliate of NP International led by President Brent Reynolds.
Reynolds said Paseo de la Riviera will break ground before the end of 2017 and take two years to complete. The general contractor is Balfour Beatty.
“Getting the construction loan is a big milestone,” Reynolds said. “We’re pleased to have a great partner like Starwood.”
NP International has yet to announce a hotel brand for the project or select a leasing manager for the commercial space.
The company acquired the 2.7-acre site at 1350 S. Dixie Highway for $44 million in 2016. The 55-year-old Holiday Inn there is being demolished to make way for Paseo de la Riviera.
The project would have 240 hotel rooms, 200 apartments, 4,380 square feet of restaurants, 20,000 square feet of retail, and a parking deck. Reynolds said the hotel would have 10 stories, and the apartment building would rise six stories on top of the parking deck. There would be separate pools for apartment residents and hotel guests. The hotel would have a conference room to serve the community, but not full banquet facilities, he added.
“There really hasn’t been a new or upgraded facilities in quite some time, so to have an upgraded, modern lifestyle brand that serves not only the community and the university, but also the businesses, in the area is a win-win,” Reynolds said.
There would be a paseo for pedestrians to walk between two the buildings, passing from U.S. 1 to a public park. Reynolds said the paseo would draw the community into the project’s open space and encourage both the apartment residents and hotel guests to go downstairs and congregate.
“It’s almost like an urban living room,” Reynolds said.
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