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