**Codina Partners Secures $38.8M Loan to Expand Downtown Doral Development**
Codina Partners has secured a $38.8 million construction loan from Ocean Bank to fund the next phase of its expansive Downtown Doral mixed-use development. The loan is scheduled to mature in May 2027, with an option to extend it through May 2031, according to reports from the South Florida Business Journal.
The funding will support the third and final phase of retail expansion at Downtown Doral, adding 25,000 square feet of new retail space along Northwest 87th Avenue. Groundbreaking for this new phase is expected in the second quarter of this year, with completion anticipated in 2026.
The new retail development will include approximately 13,644 square feet of space designed to accommodate up to nine tenants. This layout includes seven ground-floor bays and two additional spaces on the second floor, offering a flexible configuration for a variety of retailers.
In addition to the retail expansion, Codina Partners plans to begin construction within the next month on Sevilla Downtown Doral, an eight-story apartment community consisting of 411 units.
These projects mark the continued growth and transformation of Downtown Doral into a prominent hub for living, working, and shopping in South Florida.
