Suburban Miami Condo Project Moves Forward – Multifamily Real Estate News
2151 Development Group and 2020 Acquisitions have received conditional use approval for Tal Aventura, an upcoming 86-unit luxury condo tower in Aventura, Fla. IDEA Architects is behind the design of the 26-story, family-oriented project.
Units are set to range between 2,500 and 3,500 square feet, offering roofed porches and views of the nearby Maule Lake, while penthouses are slated to exceed 6,000 square feet. Common-area amenities, along with public green spaces, will total more than 50,000 square feet.
The South Florida Business Journal reported at the beginning of the month that the 1.6-acre vacant site was recently rezoned for high-density residential development. The plot is situated just off Biscayne Boulevard, at 2785 NE 183rd St., roughly 18 miles north of downtown Miami. Top-rated schools, along with various retail and dining options, are within walking distance of the property.
According to Florida YIMBY, the City Commission will allow the partners to construct 56 units per acre—above the city’s standard limit of 45 units. The tower will also be one story higher than the 25 stories permitted in the area. In return for these benefits, developers are set to contribute $72,000 per year toward the city’s public transportation program, for a total of five years.
South Florida’s dynamic condo market
Despite condo purchases being more difficult to finance in the current high interest rate environment, Miami’s condo market has remained active this year. In late August, Bentley Motors and REALM-Global shared plans for an upcoming 62-story luxury condominium tower in Sunny Isles Beach, Fla. Bentley Residences is set to become the tallest coastal multifamily building in the country.
In July, The Related Group announced the development of a 343-unit luxury condo tower in downtown Miami. Dubbed District 225, the 37-story high-rise will offer units ranging between 441 and 847 square feet.
