Codina Secures $39M for Retail Expansion at Downtown Doral in South Florida
Ocean Bank provided the construction loan to build almost 25,000 square feet of retail space at the master development facing Trump’s golf resort
By Julia Echikson May 13, 2025 3:55 pm
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Armando Codina’s Codina Partners secured a $38.8 million construction loan from Ocean Bank for a retail expansion in one of the final phases of the 250-acre Downtown Doral master development, property records show.
The latest project includes two sites a block apart along Northwest 87th Avenue, spanning about 1.5 acres each and facing the Trump Organization’s Doral golf resort.
The northern expansion will include 11,243 square feet of retail space and a parking garage with 461 spaces at the corner of Northwest 53rd Terrace, according to a spokesperson for the Coral Gables-based developer. The southern expansion will house 13,644 square feet of retail space and a 442-spot garage at the corner of Northwest 53rd Street.
Construction is expected to be completed in the first quarter of next year. The two-year loan includes options to extend up until 2031, according to mortgage documents. The total unpaid balance secured at one time will never exceed $78 million.
The expansion is part of the Downtown Doral master development that Codina Partners launched 20 years ago. The community currently includes 40 stores and restaurants, more than 660,000 square feet of office space, and 5,000 residential units.
Codinal still plans to redevelop the former Koger Center office complex, which sits on 25 acres. The upcoming project will likely include new residential offerings, such as a private, gated single-family home community and a multifamily complex.
Julia Echikson can be reached at jechikson@commercialobserver.com.
