This is one of multiple projects the developer has in the city.
An affiliate of Prestige Builders obtained an $18 million construction loan to replace a Hialeah trailer park with apartments.
Miami Lakes-based BRP Capital LLC assumed the $3.18 million mortgage of 1451 W 29th St LLC, led by executives of Miami Lakes-based Prestige, and boosted it to $18 million. It covers the 2.63-acre site at 1451 W. 29th St., just east of U.S. 27 and the mixed-use Pura Vida project.
The developer recently rezoned the property to multifamily, with approval for 120 apartments in three three-story buildings. The community would include a dog park, a playground and a domino plaza.
The developer acquired the property for $4.2 million in 2020.
With rents rising sharply in the urban core of Miami-Dade County, border towns such as Hialeah have become more attractive because of their comparative affordability. Prestige has a handful of projects in the works in Hialeah.
It is building apartments just south of the Hialeah Metrorail Station, it acquired the Salvation Army site to redevelop into apartments, and it recently filed plans for apartments near the Hialeah Market Metrorail Station.