The redevelopment of a Hialeah warehouse into apartments will soon begin after the developer secured an $18.3 million construction loan.
Conway, Arkansas-based Centennial Bank awarded the mortgage to Amelia Hialeah Holdings, led by Alexander Ruiz of Miami Lakes-based Prestige Builders Group. The 4.8-acre site at 7925 West 2nd Court previously had a warehouse building with indoor amusement center Action Town Florida, but it was demolished in 2017.
The project was approved for 150 two-bedroom apartments in nine three-story buildings.
The property is just west of Amelia Earhart Park and south of Miami-Opa Locka Executive Airport. The developer acquired the site for $5 million in 2016.
This is part of a wave of redevelopment in Hialeah, where older warehouses are becoming multifamily.
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