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