Kimco scores $67M loan for Dania Pointe

Monday, August 27th, 2018

by Amanda Rabines

from TheRealDeal.com

Kimco Realty Corp. just secured $67 million in financing for its massive 102-acre Dania Pointe mixed-use project, which has signed on major retailers like Brandsmart USA, Lucky’s Market and Ulta Beauty.

Property records show an affiliate of Kimco Realty secured a construction loan, due in 2020, from JPMorgan Chase.

The shopping and entertainment center is under construction on the northeast corner of I-95 and Stirling Road in Dania Beach. TJ Maxx, Hobby Lobby, TooJay’s Deli, Starbucks, PDQ, Padrino’s Cuban Cafe, Outback Steakhouse, First Watch, Firehouse Subs and Burger King are tenants of the project. Phase one is expected to open soon, and the second phase with 300,000 square feet of retail broke ground in July.

Dania Pointe will also include 500,000 square feet of office space and two Marriott-branded hotels, including the millennial-driven AC Hotel. The Meyers Group is building 600 apartments at the mixed-use project, and the first phase of residential development is slated to open in October.

Southeast Broward has seen an influx of technology, manufacturing and creative tenants in recent years, like aerospace manufacturer HEICO Corporation. Last year, the online pet retailer Chewy.com moved into the Design Center of the Americas (DCOTA), just north of Dania Pointe. The Dania Pointe property was previously home to an industrial sand plant that included a decommissioned 3,200-foot wooden roller coaster.

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