Forum Aventura

Directly fronting the Aventura Mall, this 37,384 square foot parcel located on 19th street and West Dixie Highway will be the future home of a class “A” condo office tower. Designed by the world renounced architects at Arquitectonica, Forum Aventura will capture the areas beautiful vistas standing at 12 stories and benefit from its central Aventura location.

Deal Dynamics:

Having successfully exited their Aventura District Project, and well into pre-development work for their Aventura Square mixed use project, Prive was ready to take on additional positions in the area while market conditions were still optimal. Perhaps the most active development pocket of the Ojus Urban Area District is the stretch of land between West Dixie Highway and NE 26th Avenue, from Ives Dairy Road south to NE 195th Street. This stretch of land, which was long encumbered by the limitations created by limited access to utilities, is now set to be the crown jewel of the Ojus Master Plan. Heading south from Ives Dairy Road on West Dixie Highway you will find Beacon Tower, a class “A” office condo project due for completion in late 2015 and already sold out, Gables Aventura, a 400 unit luxury apartment community with a class “A” retail component which will begin pre-leasing in 2015, and a brand new Holiday Inn Express, which is scheduled to be completed in 2016. Suffice to say, the area is set to completely transform. Abutting the coming Holiday Inn Express sits a 37,684 square foot parcel of land located at 19790 West Dixie Highway, directly perpendicular to the Nordstrom’s parking lot of the Aventura Mall. In October of 2014, Prive approached the owner of the property, which was not on the market for sale, and successfully negotiated the acquisition of one of the last developable parcels that hadn’t yet been claimed for development.

Deal Mechanics:

Upon contracting for acquisition of the parcel it was zoned for up to six stories, with varying densities throughout three distinct areas of the lot delineated by set back points west of West Dixie Highway to NE 26th Avenue. One month into due diligence, Prive’s trusted team of zoning and land use attorneys from Bilzin Sumberg notified Prive that a modification to the Ojus Urban Area District had just been passed. Under the updated density regulations, the parcel was designating part of the Urban Center District. This modification would double the allowable building height of the parcel to 12 stories along West Dixie and thus double the allowable densities of the site and its value as a result. Prive began analyzing various development scenarios to determine the most profitable strategy with the least risk. In their feasibility studies, they found a glaring void in the Aventura market, office condos. Only two projects in the Aventura market were office condo, the recently topped off and sold out Beacon Tower which was also on West Dixie at the corner of Ives Dairy Road, and One Aventura which was has been sold out for years. Prive engaged their world-renowned architects at Arquitectonica to design a class “A” office building unlike any of its peers located in the Aventura market. We feel very fortunate to have been able to position ourselves in one of the last available parcels in the area and look forward to delivering our premium, state of the art office condo’s to our eagerly waiting clients.

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 allow 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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