Aventura Project Approved for 675-Unit Mixed-Use Development

Aventura Gives the Green Light

According to The Real Deal, Adam Neumann’s real estate startup Flow and Israeli firm Canada Global just cleared a major hurdle in Aventura. This week, the City Commission approved their rezoning request for the Aventura project on an 8.6-acre site on Biscayne Boulevard. As a result, the developers can now build 70 units per acre—up from the previous limit of 50.

Additionally, the city granted a 30 percent reduction in parking requirements. The approval came through unanimously and without public debate.

The Project at a Glance

The Aventura project will feature three 29-story towers rising from an eight-story podium. It will include 675 apartments, 39,000SF of retail, and 1,709 parking spaces.

Importantly, the new towers will sit next to the existing Aventura Corporate Center, which will remain unchanged.

Community Givebacks in Exchange

In return for increased density and reduced parking, the joint venture agreed to support local needs. They will reserve 20 units for the city’s Hero Housing program, which provides below-market housing to first responders, city workers, and charter school teachers.

Moreover, Flow and Canada Global pledged $4.2M to support the city’s charter schools. They will also offer a free shuttle connecting the development to a nearby Brightline train station.

A Competitive Edge

The developers purchased the site in November for $116.2M. According to records, Canada Global owns 70 percent of the project, while Flow holds the remaining 30 percent.

Previously, Stonecutter Capital Management had city approval for a smaller project with two 24-story towers and 495 apartments.

More on the Horizon

This isn’t the only major South Florida project for Flow and Canada Global. In addition to the Aventura project, the partners acquired a 16-acre site in El Portal for $71.5M.

There, they plan a large-scale redevelopment that includes over 2,380 apartments, retail space, and a school.