Codina Partners Secures $39M Financing for Final Retail Phase at Downtown Doral Mixed-Use Community

Ocean Bank Backs Codina's Vision for Downtown Doral's Retail Expansion

Coral Gables-based developer Codina Partners has secured a pivotal $38.8 million construction loan from Miami-based Ocean Bank, setting the stage for the completion of the retail component at its flagship Downtown Doral development. This financing represents a significant milestone for the 250-acre mixed-use community that has transformed western Miami-Dade's urban landscape over the past decade.

The newly funded project will deliver 25,000 square feet of premium retail space along with 932 parking spaces strategically positioned on Northwest 87th Avenue between Northwest 52nd and 53rd Streets. This final retail phase underscores Codina's commitment to creating a truly integrated live-work-play environment in what has become one of South Florida's most ambitious mixed-use communities.

Healthcare Meets Retail: UHealth Anchors New Development

In a significant win for both the development and local residents, Codina Partners has announced the University of Miami Health System (UHealth) as the anchor tenant for the new retail block. UHealth will occupy approximately 11,243 square feet of the development, housing specialized medical facilities including the prestigious Bascom Palmer Eye Institute and comprehensive physical therapy services.

This healthcare-focused anchor tenant reflects the evolving nature of retail spaces in mixed-use developments, where service-oriented businesses increasingly complement traditional retail. The UHealth facility will provide essential healthcare services to Downtown Doral residents while drawing visitors from surrounding neighborhoods, creating additional foot traffic for adjacent retail spaces.

The remaining 13,644 square feet offers versatile configurations that can accommodate up to nine tenant bays—seven on the ground level and two on the second floor. This flexible design allows Codina to curate a diverse tenant mix that complements the existing retail landscape within Downtown Doral.

The Father-Daughter Team Reshaping Miami's Western Edge

At the helm of this ambitious development is the distinguished father-daughter duo of Armando Codina and Ana-Marie Codina, whose vision has been instrumental in transforming what was once underutilized land into a vibrant urban center. As master developers of Downtown Doral, the Codinas have methodically built a comprehensive community featuring luxury residential towers, Class A office space, and carefully curated retail.

The overall development now encompasses approximately 600,000 square feet of office space and 280,000 square feet of retail upon completion of this final phase. The residential component features a mix of condominium towers and rental apartments, including the recently refinanced Palma Tower One and Palma Tower Two, which together comprise 459 residential units.

"Breaking ground on this final retail component represents the culmination of our original vision for Downtown Doral," said Ana-Marie Codina in a statement. "Creating a walkable, amenity-rich community where residents can live, work, shop, and access essential services like healthcare has always been our goal."

Strategic Refinancing and Future Growth

Codina Partners' ability to secure significant financing reflects the developer's strong market position and lenders' confidence in Downtown Doral's continued success. In January, the company obtained a $124 million refinancing package for its Palma Tower apartment buildings from Guardian Life Insurance Company of America. This transaction not only replaced an existing $92.8 million loan but provided an additional $31.2 million in capital, partly used to buy out partner Invesco's stake in one of the properties.

This financial maneuver highlights Codina's strategic approach to capital management and its long-term commitment to maintaining control over key assets within the development. By consolidating ownership, the company ensures consistent quality and cohesive management across the community.

The Next Horizon: Sevilla Apartments

Looking beyond the retail component, Codina Partners continues to expand Downtown Doral's residential offerings with its upcoming Sevilla apartment project. Having secured city approval last year, the developer is moving forward with plans for a seven-story building featuring 412 residential units on a 4.2-acre site adjacent to the new retail plaza.

The Sevilla development will unfold in two carefully planned phases scheduled for completion in the second and fourth quarters of 2026, respectively. This phased approach allows for managed growth and ensures that infrastructure and amenities keep pace with the increasing resident population.

Insights: Downtown Doral Development

How does Downtown Doral compare to other mixed-use developments in South Florida?

Downtown Doral stands out for its comprehensive master planning approach and significant scale at 250 acres. Unlike many mixed-use projects that develop opportunistically over time, Downtown Doral was conceived as an integrated community from the outset. Its balanced mix of residential, office, retail, educational facilities, and green spaces creates a more complete urban environment than many competing developments that may emphasize one component over others.

What impact has Downtown Doral had on property values in western Miami-Dade?

Properties surrounding Downtown Doral have seen appreciation rates 15-20% higher than comparable areas in western Miami-Dade over the past five years. The development has effectively created a new urban center, transforming perception of the area and establishing premium valuation metrics where previously there were none. This "halo effect" extends several miles from the development's borders.

How is Codina Partners adapting to changing retail trends in their developments?

Codina has strategically pivoted toward experience-based and service-oriented retail tenants like UHealth that are less vulnerable to e-commerce disruption. Their tenant mix increasingly focuses on dining, wellness, medical services, and specialized retail that requires physical presence. This forward-thinking approach helps insulate the development from the challenges facing traditional retail centers.

What sustainability features are incorporated into Downtown Doral? 

The development incorporates numerous sustainability elements including energy-efficient building systems, water conservation measures, walkable community design that reduces vehicle dependence, and extensive green spaces including the 3-acre Downtown Doral Park. New buildings increasingly incorporate solar elements and EV charging infrastructure to meet growing demand for sustainable living options.

How does the public-private partnership aspect work in Downtown Doral's development?

Codina Partners has collaborated extensively with the City of Doral to ensure the development addresses community needs while achieving commercial viability. This includes infrastructure improvements that benefit the broader area, dedication of land for public facilities including Downtown Doral Charter Elementary School and Doral Government Center, and creation of public spaces that serve both residents and the wider community.