A 26-story condo project is moving forward in Aventura after developers scored a key approval from the city.
The Aventura City Commission voted to grant a conditional-use permit for an 86-unit condo tower proposed by a joint venture between 2151 Development Group and 2020 Acquisitions.
The tower, dubbed Tal Aventura, will be located at 2785 Northeast 183rd Street. The co-developers, Efrem Gerszberg’s Edison, New Jersey-based 2020 Acquisitions and Matthew Rosenblatt’s Miami-based 2151 Development, recruited Miami-based Idea Architects to design the project.
Units in the tower will start at 2,500 square feet, with penthouses exceeding 6,000 square feet. The developers expect to launch sales before the end of this year, according to a press release. Prices have yet to be announced.
In its approval, the Aventura City Commission allowed the developers to exceed the city’s standard density limit of 45 residences per acre. Tal Aventura will come out to 56 units per acre based on the size of the lot. The commission also allowed the tower to rise one story above the standard 25 stories permitted by the city code.
In exchange, the developers will pay $72,000 a year for five years to support the city’s public transportation program, starting in September 2023. They are also required to pay a one-time city impact fee of $143,636.
The developers’ proposal to the city specifically referenced out-of-state migration to Florida from New York and California, which they said created a need for more housing in the area. Conveniently, that demand also means buyers are more likely to pay a premium for projects like theirs.
The median sale price for condos in Aventura is up 22.1 percent from a year ago, according to Redfin data, and the number of days listings spend on the market has dropped dramatically.
Major area developers are getting in on the action too. Jorge Perez’s Related Group recently partnered with Isaac Toledano’s BH Group to buy a 4.5-acre development site in Aventura for $51 million. The partners plan to renovate the existing 10-story office building on the property and develop a luxury residential building with ground-floor retail on its parking lot.