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Aventura Office Park Could Be Rezoned For Mixed-Use Project

Part of the Aventura Corporate Center could be redeveloped into a mixed-use project that includes apartments.

The City Commission and its Local Planning Agency on Sept. 23 will consider a zoning change for the 10.5-acre site at 20801, 20803, 20805 and 20807 Biscayne Blvd. The 8.6-acre office park there is owned by Aventura Opportunity Owner LLC while the AC Hotel on the remaining land is owned by Norwich Aventura II LLC. The development would take place on the office parcel.

Aventura Opportunity Owner, in care of Atlanta-based Stonecutter Capital Management, acquired the office park for $140 million in August. It currently has 251,773 square feet of leasable office space in three buildings.

The application seeks to change the zoning from “business and office” to “town center.” Miami-based Zyscovich Architects was hired to create the site plan.

According to a site plan letter sent to Aventura officials by Aventura Opportunity owner on Sept. 16, the plan is to demolish the easternmost office building and keep the two other office buildings. The office would be replaced with 208 multifamily units, plus five townhouses on the ground floor and 24 live-work units on the southwest corner of the property. In addition, the developer would redevelop the parking garages along Biscayne Boulevard to add offices, retail and live-work units. This would create 370,143 square feet of offices and 42,254 square feet of retail.


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Aventura Office Buildings Sell For $140 Million

Renaissance Properties sold the Aventura Corporate Center for $140 million to a New York-based investment group that plans to build an addition.

New York-based Renaissance sold the three Class A office buildings and garages at 20801, 20803 and 20807 Biscayne Boulevard to Aventura Opportunity Owner LLC. The buyer, a Delaware entity, lists a New York address.

The buildings total 252,244 square feet.

Maria Gomez of Florida Realty of Miami represented the seller, and Liza Hernandez of PMG Residential brought the buyer.

The 8.7-acre property includes land that the buyer plans to develop into a project with office, restaurants and other uses, according to a release. Zyscovich Architects is designing the addition.

In 2016, Renaissance Aventura LLC, which is affiliated with  investors Kenneth and Robert Fishel, executed a 1031 exchange out of a Manhattan asset to acquire the office complex, which includes two five-story buildings and one six-story building, for $105.3 million. It was developed between 1986 and 2007.

Tenants include Morgan Stanley, South Broward Hospital, Regus, Coldwell Banker, Keller Williams and the Miami Realtors Association. It is fully leased.


Source:  The Real Deal


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