Aventura Square

Sitting just north of Miami Gardens Boulevard on West Dixie Highway, this 1.32-acre assemblage of two individual parcels is a prime commercial development site. Prive Group has secured entitlements for a mixed-use project of up to 250,000 gross buildable square feet ensuring it will be the location of a class “A” commercial development in the near future.

Deal Dynamics:

Around the same time that Prive entered into their Aventura District project, the group explored an on market opportunity to acquire a 25,047 square foot parcel of land located just a few blocks to the south. The property had been on the market for quite a while with not much activity, as its size did not justify a feasible development for the asking price. With the substantial wealth of information they had accrued through their due diligence for the Aventura District project, Prive knew that if they could secure an adjacent parcel, it would justify the price and create an optimal site for a profitable development. Prive discretely approached the owner of the parcel abutting the one which was on the market, cleverly leveraging the inactivity of the neighboring property as a function of the price and size and offering to purchase the off market parcel for a fair price. The owner saw it as an opportunity to cash out on the land as it had no use to them, and so they entered into contract. Now with control of the 32,587 square foot parcel, Prive made an aggressive offer on the property that had been languishing on the market knowing that they could afford to purchase the property for significantly more than it was listed for and still have substantial positive equity on the combined pieces from day one. The stubborn owner finally accepted an offer for just under list price, allowing for an assemblage of an additional 1.32 acres in the newly established Ojus Urban Area District.

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Deal Mechanics:

Prive wasted no time and immediately engaged the expertise of their Bilzin Sumberg legal team to facilitate due diligence as they tested feasibility for the site along with their trusted architects, the world-renowned Arquitectonica. Since Bilzin was well into their zoning and land use work for the Aventura District property, they were able to leverage Prive’s position in both parcels in their lobbying for favorable approvals. Prive was able to secure entitlements for a mixed-use project of up to 250,000 gross buildable square feet. Currently Prive has submitted plans for a class “A” office building and are awaiting approvals to commence the project.

About the Area:

The Ojus Urban Area fronts the West Dixie Highway along the Florida East Coast Railroad. It was established back in 2006 as an initiative to spur development and it allows for increased density within its boundaries along the western border of Aventura and the Oleta River. In an executive summary of the Ojus Charrette, put forth by the Miami Dade County Department of Planning and Zoning, it describes the Ojus Master Plan as: “The goal of the Ojus Master Plan is to create a framework that will facilitate development and investment in private land as well as in public infrastructure, preserve the community’s heritage, enhance its livability and sense of unity and encourage design quality, both architectural and urban”. Ojus is a part of unincorporated Dade County; however, Ojus Urban Area has unofficially become known as The City of Aventura’s western expansion. Aventura has seen overwhelming growth since its incorporation as a city back in 1995. Benefitting from its strategic location as a halfway point between Miami and Fort Lauderdale, Aventura along with neighboring Sunny Isles, have both flourished to become a benchmark for upscale living. The Aventura Mall has emerged as a showcase for the world’s top retailers, making it an international retail landmark. With more and more patrons from all over the world coming to visit, and a waiting list for Tenants, it is currently undergoing its third expansion, which will make it the United States second largest mall. As land and opportunities for further development have become essentially non-existent, the Ojus Urban Area has become a rapidly developing new horizon for Aventura’s overgrowth.

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