Greynolds Village

Currently a charming neighborhood promenade located on 178th and West Dixie Highway, this 1.2 acre parcel lies at the southern most tip of the Ojus Urban Area District. With entitlements to build up to 108 units of residential or hotel and up to 70,000 square feet of commercial, this site carries great potential to be a promising mixed use development.

Deal Dynamics:

At the southern most point of the Aventura area and the Ojus Urban Area District lies a quaint 17,156 square foot promenade style shopping center. The center abuts the entrance to Greynolds Park, which is a majestic enclave with parks, lakes, and recreation areas. Directly across the street on Biscayne Boulevard, the construction of two new luxury condo towers called Marina Palm Yacht Club & Residences will bring 468 waterfront residences, which are due to be completed in 2015. In addition, the City of North Miami Beach gave the green light for a 10-story Hyatt hotel to be erected along West Dixie Highway, neighboring the subject property at the opposite end of the Greynolds Park Entrance. When built, the two-towered complex located on 17400 West Dixie Highway will hold a 275-room hotel, as well as 85,000 square feet of office and retail space, and will allow over 739 parking spaces. With the large-scale expansions in place, the area will experience a major influx of visitors along Dixie Highway and its surroundings. When the center was put on the market in late 2014, Prive quickly began negotiations to acquire the property. With their depth of knowledge and experience in the Ojus Urban Area District, Prive recognized that its value did not lie in its current form as a neighborhood shopping and office promenade, but in utilizing its entitlements under the Ojus Urban Area District.

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Deal Mechanics:

Prive engaged the expertise of their Bilzin Sumberg legal team to work on the discovery of their land use and zoning rights and found that the property allows for up to 108 units of residential, with 20,000 square feet of retail and 40,000 square feet of office. The shopping center, as it exists today, provides strong cash flow with 100% occupancy and great neighborhood tenants. The Prive team is currently working with their engineers and architects to determine the most efficient structure and plan for future development, which will most likely consist of residential rental along with a retail component.

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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