"This is an extremely positive step for us," say Jackson Ward and Stefan Johansson, co-principals of Gulfside Development, in a statement. "We are pleased that an institution the magnitude of Union Planters has recognized the value of this project."

The Downtown Dadeland re-urbanization project will include 416 condominiums and 115,000 sf of retail space in a village-like design, containing seven low-rise, clustered buildings. Each building will have a unique look consistent with Florida's architectural style.

The project is nearly 70% sold. The condos, which include studios as well as one-, two- and three-bedroom homes, range in price from the $100,000 to more than $500,000.

Twelve retail tenants--including major local, regional and national merchants--are either at, or near, a lease agreement in Downtown Dadeland. While the developer would not yet release the list of tenants, according to a spokeswoman, the list includes Pier One's new children's concept store, Cargo. Retail rental rates, which will go up after construction, currently range from $38 to $55 per sf.

Preconstruction and demolition for the project, which will include wide, brick-paved sidewalks and landscaping, began in November. The project is being developed on the former Williamson Cadillac dealership site.

Esslinger-Wooten-Maxwell Realtors is exclusively handling sales for Downtown Dadeland. The project's sales center is located on site at 7250 N. Kendall Drive. Retail leasing is being handled exclusively by Prime Sites Inc.