AMAC breaks ground on Aventura apartments with $67M loan
AMAC and local partner ROVR Development broke ground on an apartment project in Aventura thanks to a $67 million construction loan.
Miami-based Ocean Bank provided the mortgage to AH West Dixie Property Owner LLC, a joint venture between New York-based AMAC and Miami-based ROVR. It covers the 2.9-acre site at 17990 W. Dixie Highway.
The developer filed notice with the county that it started construction on the project, called Aventura Park. Medley-based Delant Construction Co. is the general contractor.
Aventura Park will total 236,740 square feet in eight stories, including a 6-story parking garage. It will have 290 apartments, 1,450 square feet of retail and 435 parking spaces. Amenities would include a pool and a dog park.
“We are thrilled to begin construction on this unique development in a fantastic community in the heart of South Florida,” said Maurice Kaufman, founding principal at AMAC. “We are confident that this development will meet the new standard of luxury rentals, and we are excited to bring our next multifamily project to the area.”
Miami-based Anillo Toledo Lopez is the architect. The developer said it will be completed in the first quarter of 2024.
The Aventura Park site sits along the Oleta River, across from Greynolds Park, in the Ojus Urban Area District.
The developer acquired the property for $10.3 million in 2021.
With apartment rents in Miami-Dade County rising at record levels, developers are eager to construct new rental complexes to capitalize on the hot market.
By Brian Bandell – Real Estate Editor, South Florida Business Journal
May 23, 2022
