No Comments

3-Story Food Hall Planned For Aventura

Aventura Food Hall Planned For 2777 N.E. 185th St_Image Credit Architectonica 1170x435

An affiliate of Cabi Developers is planning to build a three-story food hall on a vacant site in Aventura.

The developer filed an application with city officials concerning the 1.45-acre site at 2777 N.E. 185th St. The developer acquired the property for $5.77 million in 2007. It’s located behind the Walgreens and Wild Fork Food stores.

The development design for a retail and restaurant establishment with both indoor and outdoor dining space is being modified by Cabi. On the ground floor alone, plans include various restaurants with a combined indoor space of 14,091 square feet, plus extra space on the second and third floors, according to the preliminary site plan by Miami-based Arquitectonica. A drop-off area and a modest parking garage would be present.

The food hall, dubbed L’Isola, will include select restaurants and vendors with a varied selection of international cuisine, as well as a rooftop restaurant and cocktail lounge, according to Miami-based attorney Brian S. Adler, who represents the developer in the application. He stated that there would be 19,200 square feet of internal area, in addition to rooftop and outdoor eating.

 

Source:  SFBJ

 

No Comments

Residential Building Boom Hits Aventura

Photo Credit-ONE Park Tower by Turnberry 1170x435

Aventura and North Miami are in the midst of a multi-billion-dollar transformation, featuring new housing developments, schools, retail, transit and more.

Aventura, where the median single-family home price jumped 25% from $990,000 in 2022 to $1.237 million in the first quarter of 2023, according to a market report from ONE Sotheby’s International Realty.

Aventura’s population has steadily increased since 1990, when it was about 15,000. It grew to 25,000 by 2000, 35,000 in 2010, and today roughly 40,000 people call Aventura home. North Miami’s population jumped from about 50,000 to nearly 60,000 during the 1990s, and it has remained steady since then.

The same is true just south in North Miami, which has seen a more than 400% increase in residential units from 2019 to 2022, with more on the way, plus seven new schools and a boost to its local commerce. Nearly 20% of the area’s nearly 2,300 businesses opened since the start of 2022.

Now, developers are working to capitalize on the region’s growth with a series of housing developments new to the market, in construction or in the planning stages.

One of the largest is the 184-acre SoLé Mia community, led by Jackie Soffer’s Turnberry Development and Richard LeFrak’s LeFrak Organization. The developers have plans for thousands of residential units, 1.5 million square feet of retail and commercial space and a 10-acre University of Miami UHealth Medical Center, scheduled to open in 2025. The residential offerings will include the 33-story ONE Park Tower by Turnberry overlooking South Florida’s first seven-acre swimmable lagoon.

North Miami developments in the works include:

  • Aliro Luxury Apartments, 1820 NE 142nd St., approved to add 519 additional residential units and a parking garage.
  • Allure of North Miami, 1810 NE 146 St., approved to build a two-acre apartment complex with 360 units and a percentage of affordable housing options.
  • La Maison, 1850 NE 123rd St., approved to develop 297 residential rental units and 18,500 square feet of retail and restaurant space.
  • NoMi Square, 13855 NW 17 Ave., approved to build a seven-story development with 338 units and a public park.
  • North Miami Condos, 840 NE 130th St., approved to build a six-story, 67-unit luxury residential project with green building design and transit components.
  • Oleta, NE 151st St. & NE 20th Ave., approved for four residential towers with nearly 20,000 square feet of commercial and restaurant space.

Aventura is witnessing a wave of building and infrastructure improvements as well. The projects will upgrade Aventura Mall, add the new Brightline train station, bring on a new Hyatt House Hotel and introduce several new restaurants, retai shops and luxury residences.

Some residents there have expressed concerns about proposed changes to the land development regulations in the city’s master plan. They cite the potential for increased traffic and an influx of high-rise buildings along the beach. Last month, a change.org petition launched seeking to “stop excessive development in Aventura,” and it has collected more than 1,400 signatures.

How that might affect the future of development in the area is still unclear, but there’s no denying Aventura and North Miami are booming.

 

Source:  South Florida Agent Magazine

 

3 Comments

One-Acre Office Building Dev Site In Aventura Trades For $10 Million

MG3 Group bought a development site in Aventura in a bet on the city’s growth as an office market.

MG3 paid $10 million for the assemblage at 21001 Biscayne Boulevard near Aventura Hospital, according to records and real estate database Vizzda. The firm plans to include medical office space in its project.

The deal breaks down to $9.5 million per acre.

Selling entity Jewish Outreach Center is tied to the Aventura Chabad based in the building immediately east of the purchased site. It had paid $781,800 for the land and other lots in 2019, records show.

2,547 Comments

9-Story Apartment Tower Proposed Near Aventura

BH Group has a property in the Ojus neighborhood west of Aventura under contract with a pending plan to redevelop it with apartments.

The Aventura-based developer filed a pre-application with county officials for the 1.21-acre site at 18440 N.E. 24th Court, 18451 N.E. 24th Ave., and 2327 N.E. 184th Terrace, which is just north of Greynolds Park. It has the four parcels under contract.

The property currently has eight small apartments and a vacant lot. It would be redeveloped to make way for the project.

BH Group wants to build a nine-story building totaling 232,055 square feet with 132 apartments and 162 parking spaces. There would be 19,254 square feet of amenities, including a rooftop pool deck. The developer would utilize a workforce housing density bonus in exchange for making 10% of those apartments workforce housing.

The apartments would range from 656 to 1,229 square feet. There would be 24 studio apartments, 54 one-bedroom units, 30 one-bedroom units with dens, and 24 two-bedroom units.

In order to build this project, BH Group wants the county to rezone the site from Ojus Urban Area District-Edge to Ojus Urban Area District-Center. The developer’s traffic study estimates the project would generate 583 daily vehicle trips.

Source:  SFBJ

No Comments

Developer Aims To Boost Density Of Project Near Aventura Brightline Station

Stellar Communities is seeking more density for an apartment complex planned in the Ojus neighborhood near the Aventura Brightline passenger rail station.

The Dania Beach-based developer, via affiliate 18801 WDH PO LLC, filed plans in May for 204 apartments in a 15-story building at 18801 W. Dixie Highway. It purchased the vacant site of 1.58 acres for $7.85 million in 2021.

The developer recently filed an administrative site plan review application with Miami-Dade County showcasing a new design and more density. The 15-story tower would now contain 245 apartments, 13,816 square feet of retail and 316 parking spaces, with 42 of them available for electric vehicle charging stations. It would secure more density by utilizing the workforce housing density program, which will require 10% of the apartments leased as workforce housing.

Totaling 318,652 square feet, Element Aventura would have a rooftop amenity deck with a pool, a gym, a yoga room, a clubroom and a barbecue area.

 

Source:  SFBJ

No Comments

Commuter Rail From Downtown Miami To Aventura Getting $103M From FDOT

The Florida Department of Transportation has agreed to commit $103.5 million towards Miami-Dade’s Northeast Corridor rail project, Brightline told investors last week.

FDOT’s announcement came in a November 9 letter to the county, Brightline said.

On the same day, FDOT also informed Broward that it would provide $74.3 million towards its commuter rail project on the same tracks from Aventura to Fort Lauderdale. The two counties are working together on the service.

That brings the total FDOT commitment for the new train service to $177.8 million.

Brightline expects to execute definitive documents with Miami-Dade in the next several months to allow the service on its tracks.

The Northeast Corridor is expected to run 13.5 miles and cost $682 million, including track and right-of-way access fees.

The county is seeking 50% funding from the Federal Transit Administration, 25% from the state and 25% from local funds, according to the project website.

Station locations are being studied at:

  • MiamiCentral/Government Center (existing)
  • Wynwood/Edgewater
  • Design District
  • Little Haiti
  • North Miami (near Northeast 123rd Street)
  • North Miami/North Miami Beach (near Northeast 151st Street)
  • Aventura (construction already nearing completion)

The service is expected to run 5 AM to midnight, with 60 minute headways. During peak morning and afternoon weekday rush hour times, headways would be 30 minutes.

Engineer HNTB is now working on 30% level rail infrastructure and platform drawings, after the county issued a Notice to Proceed to the firm in August.

 

Source:  The Next Miami

1 Comment

Brightline Says Aventura Train Service Will Begin Within Weeks, Take 17 Minutes To Downtown

We’re just a few weeks away from Brightline beginning train service to Aventura, the company announced recently. An exact date will be announced soon, but will come before year end.

In the meantime, new details of operations in Aventura were released.

  • Trip time between downtown Miami’s MiamiCentral and Aventura is expected to take about 17 minutes
  • Trip times from Aventura to Fort Lauderdale will be 14 minutes, according to the Herald.
  • A ride from Aventura to Boca Raton will take 32 minutes.
  • Aventura to West Palm Beach will take 56 minutes.

Miami-Dade County will offer subsidized fares for a percentage of riders between Aventura and MiamiCentral.

Design of a pedestrian bridge to Aventura Mall is now 50% complete, according to SFBJ.

The 34,000 square foot station will have an autonomous market and lounges for Smart and Premium passengers.

There will also be a parking garage with 240 spaces, with prices starting at $5 for prepaid parking, rising to $12 if paid at the garage.

 

Source:  The Next Miami

1 Comment

Aventura Condo Project Moves Forward

2151 Development Group and 2020 Acquisitions have received conditional use approval for Tal Aventura, an upcoming 86-unit luxury condo tower in Aventura, Fla. IDEA Architects is behind the design of the 26-story, family-oriented project.

Units are set to range between 2,500 and 3,500 square feet, offering roofed porches and views of the nearby Maule Lake, while penthouses are slated to exceed 6,000 square feet. Common-area amenities, along with public green spaces, will total more than 50,000 square feet.

The South Florida Business Journal reported at the beginning of the month that the 1.6-acre vacant site was recently rezoned for high-density residential development. The plot is situated just off Biscayne Boulevard, at 2785 NE 183rd St., roughly 18 miles north of downtown Miami. Top-rated schools, along with various retail and dining options, are within walking distance of the property.

According to Florida YIMBY, the City Commission will allow the partners to construct 56 units per acre—above the city’s standard limit of 45 units. The tower will also be one story higher than the 25 stories permitted in the area. In return for these benefits, developers are set to contribute $72,000 per year toward the city’s public transportation program, for a total of five years.

South Florida’s dynamic condo market

Despite condo purchases being more difficult to finance in the current high interest rate environment, Miami’s condo market has remained active this year. In late August, Bentley Motors and REALM-Global shared plans for an upcoming 62-story luxury condominium tower in Sunny Isles Beach, Fla. Bentley Residences is set to become the tallest coastal multifamily building in the country.

In July, The Related Group announced the development of a 343-unit luxury condo tower in downtown Miami. Dubbed District 225, the 37-story high-rise will offer units ranging between 441 and 847 square feet.

 

Source:  MHN

3 Comments

Housing Trust Group Plans Apartments Near Aventura

Housing Trust Group filed plans for an affordable/workforce housing complex near Aventura.

The Miami-based developer, through affiliate TH Aventura LLC, filed a pre-application with county officials for the Oasis at Aventura. It would rise on the 1.26-acre site at 18700 and 18790 N.E. 25th Ave., in the Ojus neighborhood.

The property is mostly vacant, except for one single-family home.

Totaling 104,344 square feet, the eight-story Oasis at Aventura would have 95 apartments and 65 parking spaces. Amenities would include a gym, a club room and an outdoor terrace.

HTG said the Oasis at Aventura would have 42 units for people earning up to 70% of area median income, 38 units for people earning up to 60% of area median income, and 15 unit for people earning up to 30% of area median income. The Florida Housing Finance Corp. has already awarded funds for the project.

 

Source:  SFBJ

 

No Comments

AMAC, ROVR Score $67M Construction Loan For Aventura Park Multifamily Project

AMAC and ROVR got a jump start on their planned multifamily project near Aventura in the form of a $67 million construction loan.

New York-based AMAC and Coral Gables-based ROVR are developing the eight-story Aventura Park building with 290 units at 17990 West Dixie Highway, according to a news release from the lender, Ocean Bank. The property is along the Oleta River, across from Greynolds Park.

Eddie Diaz led the Ocean Bank team that arranged the financing.

Aventura Park, designed by the architecture firm Anillo. Toledo. Lopez, will include a pool, gym and spa, as well as a six-story building with a 439-space garage. Medley-based Delant Construction is the general contractor.

Construction is expected to be completed in early 2024, according to the release.

An entity tied to AMAC bought the almost 3-acre vacant development site last year for $10.3 million.

 

Source:  The Real Deal

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.