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Aventura MOB Under Construction Hit With Foreclosure Suit

Rendering of Aventura MOB Under Construction 1170x435

A 142K SF medical office building under construction in Aventura is the subject of a foreclosure lawsuit while its developer looks to sell it for $90M.

An affiliate of Rok Lending filed suit against Gomez Development Group alleging that the Miami-based developer has defaulted on a $15M loan for the property at 21291 NE 28th Ave., where Gomez is building a speculative medical office building.

The suit from Aventura-based Rok alleges that Gomez Development entered into the mortgage in May but stopped making monthly payments on the debt in July. Rok is seeking a $16M judgment to recover the loan’s principal, interest and fees, and asked the court to also allow the firm to recover attorneys’ fees.

Rok is suing Aventura Eco-Offices Property Owner LLC, an affiliate of Gomez Development, and the firm’s managing partner, Marlon Gomez, who personally guaranteed the debt, the lender claims. The suit was compiled by property intelligence platform Vizzda.

Gomez is negotiating with a new lender to refinance the debt and maintain control of the property, he wrote in an email.

“While our project faced hurdles securing construction financing these last few months due to challenges many lenders are facing with their current portfolios, we’ve found a new private lender to work on refinancing our current loan and enabling us to utilize CPace as an alternative financing to fully capitalize and complete our project,” Gomez told Bisnow

Gomez paid $19M for the 1.6-acre site in October 2021, property records indicate. His firm secured a $45M loan from Los Angeles-based Parkview Financial in 2021 to begin construction on the planned seven-story medical office with a four-level parking garage adjacent to Aventura Hospital and Medical Center.

The project, designed by Miami-based Caymares Martin, was originally slated to deliver by the end of 2022 but remains under construction. The Parkview loan was fully paid off last year with a final closing balance of around $10M, Karina Parada, the firm’s marketing director, told Bisnow.

Gomez said the Rok funding helped pay down the Parkview loan and also covered costs on pre-development and site utilities, infrastructure and foundation work, which is now completed. Vertical construction has commenced and the firm is aiming to deliver the building before the end of the year, Gomez said.

The unfinished project is being listed for sale by Fortune International Realty broker Cesar Sanchez. The building will seek LEED Gold Certification and will include around 100K SF of rentable medical office space and a 5K SF ground-floor retail space, according to a marketing brochure for the property.

“We are confident in our project’s value, with our land’s value doubling that of our current loan and we are communicating openly with our current lender regardless of any claims being made,” Gomez said. 


Source:  Bisnow

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Aventura Brightline Station Attracts Another Big Apartment Proposal

Ram Realty and Pinnacle Housing's Ojus Apartment Project Rendering

A new multifamily proposal in the Ojus neighborhood of Aventura is the latest in a string of signals that developers are leveraging the recently opened Brightline station in the area to add density to their projects.

Developers Ram Realty and Pinnacle Housing are proposing a 16-story apartment building at 19640 W. Dixie Highway, directly across from the Aventura Mall and Brightline station. The joint venture submitted a pre-application with Miami-Dade County for the project, which would include 334 units, 10% of which would be designated as workforce housing, set atop a four-level parking garage.

Site plans submitted to the county include a 2,900 SF ground-floor retail space marked for coworking and a dog-washing station. A fifth-floor pool deck would have amenities including a fitness center, golf simulator and 2,700 SF club room. The building, designed by Orlando-based architect Baker Barrios, would have units ranging from studios to three-bedroom apartments.

Apartments would rise on three sides of the pool deck starting on the fifth floor before shifting to cover only two sides of the property beginning on the ninth level.

The proposal is an update to plans originally presented in January 2022, leveraging zoning changes passed last year to increase the project’s density by 49 units, according to a letter of intent submitted by Edward Martos, a partner at Weiss Serota Helfman Cole + Bierman who is representing the developers.

The workforce housing units would be available for residents making up to 110% of the area median income, or $82,170 for a single person, Martos said in the letter of intent, which asks the county to provide feedback on the project at the next available pre-application meeting.

The joint venture paid $15.4M in January 2022 to acquire the vacant 2.25-acre parcel via an entity called 19640 WDH LLC, property records indicate.

The seller was an entity controlled by Miami Beach-based Privé Group, a development and land banking firm that has also proposed a new project near the Aventura Brightline station.

Privé Group filed a pre-application in January, disclosing plans for an 11-story office building with a 12-unit residential component connected by a parking garage at 18820 W. Dixie Highway, half a mile from the Ram and Pinnacle site.

That proposal also took advantage of changes to the zoning rules that increased the maximum allowable density in the county’s Ojus District. The neighborhood has attracted interest from developers since the Brightline added a station adjacent to the Aventura Mall in December 2022.

Aventura-based BH Group also filed a pre-application last January to replace eight small apartments and a vacant lot with a 132-unit apartment building spanning 232K SF, the South Florida Business Journal reported at the time.

Raphael Ammar, a preschool developer and operator, filed plans in August for an 18-story mixed-use project with 210 apartments called The Gateway in OjusThe Real Deal reported, and Lumer Real Estate and Goldberg Cos. filed plans in November for a 700-unit apartment complex in the neighborhood, according to TRD.

Mark Gilbert, a vice chair at Cushman & Wakefield who recently brokered the $48M sale of a 90K SF shopping center near Ojus in Aventura, told Bisnow earlier this month that the opening of the Brightline station was transformative for the area.

“The amount of residential growth and commercial activity in the region is probably unprecedented,” Gilbert said. 


Source:  Bisnow


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Developer Proposes 120K SF Office With Studio Apartments In Aventura

Prive Group's Planned Office Building in Aventura 1170x435

Privé Group is planning to build 120K SF of office space in the Ojus neighborhood near the Aventura Mall.

The Aventura-based investment and development firm filed a pre-application on Wednesday seeking approval from the county to build an 11-story office building and a small residential building connected by a seven-story parking garage at 18802 and 18820 W. Dixie Highway.

The Arquitectonica-designed development is called Aventura Office Center in a site plan for the three structures submitted with the application. The office building includes 4,400 SF of ground-floor commercial space and a rooftop terrace with landscape architecture from the Miami office of Enea, which is headquartered in Switzerland.

The office would front Dixie Highway with a two-story residential building set in the rear of the 1.32-acre site behind the parking garage. Privé is planning 12 studio units at the building sized at around 380 SF each.

Floor plates at the office building would span around 14K SF, with elevators, staircases and bathrooms in the core of the building.

The proposal is an update to plans submitted more than six years ago called Aventura Square. A local community council approved plans in June 2017 for Privé to build 94K SF of office condos, 5,700 SF of retail and 340 parking spaces on the site, the South Florida Business Journal reported. The council also approved up to 12 apartments at the property.

The original plans called for an eight-story building, but zoning rules have since been modified to allow buildings up to 12 and 15 stories in the Ojus District, allowing Privé to submit its 11-story plan, according to the letter of intent submitted by Vazquez with the application.

Source:  Bisnow

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Developers Obtain $64 Million Construction Loan For Aventura Multifamily Project

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Belmont Village and Turnberry Associates obtained a $64.21 million construction loan to build a senior living facility in Aventura.

Parcel U / SR-1 Trust LLC, an affiliate of Aventura-based Turnberry Associates and the Soffer family, sold the 1.4-acre site at the southeast corner of East Country Club Drive and Yacht Club Way for $8 million to Belmont Village Aventura Property Owner, a joint venture between Houston-based Belmont Village and Turnberry.

Synovus Bank provided the construction loan.

The developers filed plans for Belmont Village Senior Living Aventura in early 2022. It was ultimately approved for 184 senior living beds. Amenities would include a dining room, a sports lounge, a wellness room, a library, an arts and crafts room, and a salon.


Source:  SFBJ

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JV Agrees To Hero Housing Provisions In Aventura

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The City of Aventura recently passed a measure that would offer reduced rents for teachers and first responders so they can afford to live near where they work. They call it the Hero Housing provision.

The Related Group and BH Group are the first developers to build a project incorporating the provision. The city allows the developers to boost the project’s density by agreeing to the rent reductions. Also, the builders promised to provide 10,000 square feet of storage space in the parking garage for the city, pay $125,000 annually for 10 years for the city’s on-demand vehicle service and pay $1 million to offset the impacts of the development on the city.

The Icon Aventura project will be 26 stories and will go up next to the Aventura View office building. It would feature 275 condos, 20 Hero Housing apartments and 12,000 square feet of retail on the ground floor of the new 10-story parking garage.

Miami-based Arquitectonica designed the development. The two joint venture partners acquired the four-acre site for $51 million in 2022.


Source: ConnectCRE

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11-Story Apartment Complex Planned Near Brightline Station And Aventura Mall

IQ Lofts Ruby-2530 and 2540 N.E. 192nd St. in Aventura_Photo Credit SFBJ 1170x435

IQ Concept Developments, led by Samir Dichy, and Sagewood Corp. have proposed an 11-story apartment complex just west of the Aventura Mall in the Ojus neighborhood.

The developers, through affiliate 2530 NE LLC, filed an administrative site plan with Miami-Dade County officials for the 0.66-acre site at 2530 and 2540 N.E. 192nd St. It currently has a few single-family homes. The site is located just east of the Scheck Hillel Community School and near the Brightline passenger rail station.

The same developer submitted plans to erect 36 rental units there in 2020. Using the county’s new workforce housing density bonus, which mandates that 10% of the units be workforce housing, it now presented a larger bid.

The project, known as IQ Lofts Ruby, would house 92 parking spaces, some of which would have electric vehicle chargers, and 90 units totaling 94,216 square feet of leasable space. Coworking space, a game room, a fitness facility, and a pool on the third level are among the features.

Dichy said he plans to break ground on IQ Lofts Ruby in the second half of 2024. Construction should take around 18 months.


Source:  SFBJ

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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


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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 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


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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.

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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

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