The two-tower, seven-story, 90-foot-tall project will consist of 119 units, ranging in size from 1,200 sf to 1,800 sf. Prices will range from $300,000 to more than $500,000. The project also will include about 22 boat slips and a pool with a sundeck. Residences will have double doors at their entrance and 9-foot, 4-inch ceiling heights.
The developers, based here, anticipate breaking ground in late summer and completing the project 18 months later. Hard construction costs will be approximately $22 million to $28 million.
International developers Feldman, Hariton and Shiro have teamed up with East Coast developer Darer as the principals of VenAventura LLC to develop this project. They have developed projects in Venezuela, New England and Florida.
The group has purchased 3.4 acres of land at 3331 N.E. 188th St. for The Atrium at Aventura. The property, on the peninsula, is the last piece of land that is going to be developed in that area. The body of water in front of the future site of the buildings opens up to Biscayne Bay.
Shiro tells GlobeSt.com that this project will be a perfect opportunity to unite North and South Americans, and develop a project "that's going to sell very fast." He says he is expecting half of the buyers to come from South America and half from North America.
This is due to new immigration and South Florida becoming more attractive to North Americans as well, he says.
The Atrium at Aventura will be located down the street from a new state-of-the-art community/recreation center that the city of Aventura is building, along with the city's first charter elementary school.
"They're practically redoing the whole street," Shiro says.
Turnberry International Realty will handle sales and marketing for The Atrium at Aventura. The sales center will open in February at a temporary location at 2846 N.E. 187th St. in Aventura, and the on-site sales center is expected to open in approximately six months.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
