The project will be located on the site of Loehmann's Fashion Island at Biscayne Boulevard and 187th Avenue. Construction is expected to commence in the spring of 2004.

Phase one will consist of 500 units in two mid-rise buildings joined by courtyards with full amenities and a parking garage. In addition, the first phase will include 18,000 sf of ground-floor retail space. Prices of the residences are anticipated to range from $139,900 for one-bedroom homes to $189,900 for two-bedroom homes and $279,900 for three-bedroom residences.

"This development will bring urban living to the city," says John Chappelear, senior vice president of the Related Group. "As part of the new town center, The Venture will serve as the city's centerpiece and will reflect the upscale lifestyle that has become a trademark in Aventura."