MDM has obtained a $42 million construction loan to build Met Square, according to the SFBJ.
The loan will allow for construction of a seven-story podium that includes a 1,780-seat Silverspot movie theater, along with 37,666 square feet of restaurant space.
MDM also intends to develop a tower above the theater. The developer had planned to build a 192-room hotel, but instead will now build 392 residential units, according to plans filed in November 2014.
A lawsuit by archaeologist William Pestle against the City of Miami over a deal that would allow for construction of Met Square above historic finds at the site remains pending.
