Principal Real Estate Investors, a subsidiary of the publicly traded Principal financial investment manager, issued the participating, mini-perm financing to Coral Gables-based developer Coral Rock Development Group. Pura Vida Hialeah is being developed on 9 acres northeast of Okeechobee Road and Milam Dairy Road at 3051 W. 16th Ave. The residential portion will be three eight-story buildings with a total of 260 apartments. Pura Vida residences will offer studios and one-, two- and three-bedroom units with square footage ranging from 538 square feet to 1,099 square feet. Amenities will include a pool, gym, barbecue area, dog park, biking center and 24-hour security. One of the buildings will have 11,000 square feet of ground-floor retail. Rents will be market rate, which Colliers International reported in Hialeah to be about $1.60 per square foot or $1,512 for a 945-square-foot unit. Construction on the multifamily segment is set to start next month and be completed in the first quarter 2022. Construction of 40,000 square feet of retail on three outparcels is underway. The first building with a Dollar Tree store is open. InnovaCare Health, which offers health plan administration and clinical operations, is scheduled to open in a 20,000-square-foot lease soon. A Wawa gas station and convenience store and a Taco Bell also also are lined up. The Pura Vida mid-rises will be a stark contrast to the mainly older, one- and two-story rentals in Hialeah. "We believe not only in the Hialeah market but especially in the team's vision and experience. Pura Vida will truly be a game-changing development in this community," Mary Scott, senior investment director at Principal Real Estate Investors, said in a news release. Other developers also have focused on Hialeah, including Miami Lakes-based Prestige Cos., which has completed at least 800 units and 100,000 square feet of retail. But Pura Vida promises to be a new for Hialeah as it's a mixed-use project promising a walkable lifestyle more commonly seen in downtowns. "Pura Vida will undeniably introduce a new lifestyle for Hialeah, creating a contemporary and convenient new walkable hub for residents and the surrounding neighborhood," Michael Wohl, Coral Rock principal, said in a statement. The financing is "a momentous milestone in bringing this vision to fruition." Read more: Wynwood is Old News as Developers Move to Uncharted Areas Hunt Real Estate Capital Lends $6 Million for New Hialeah Apartments