Why Developers Are Bullish On Aventura
With so much development ramping up in newly hot areas of Miami like Brickell and Little Haiti, it might be easy to forget about the seemingly built-out Aventura. But developers have not.
The Aventura Mall is adding a 315K SF expansion. Esplanade Aventura, a 215K SF retail/restaurant/entertainment project will replace the Sears store there. And Gil Dezer is redeveloping the Intracoastal Mall.
"The different neighborhoods are developing unique identities, which make them appeal to totally different kinds of people," said Javier Rabinovich of CK Prive, another big player in the area.
Rabinovich, who is from Argentina, made his name in Miami when he bought a vacant parcel in MiMo for $300K and sold it for $1.2M in 2013. Now he is primarily focused on Aventura and North Miami Beach.
Each of these areas "saw large increases in their populations and residential offerings, but they are underserved when it comes to retail and office space," Rabinovich said.
"We have been developing along the Biscayne Corridor for several years, and we see value in it for several factors," he said. "For example, by developing in Aventura, we have great connectivity to South Florida communities, including North Miami Beach, Sunny Isles Beach, Ojus, etc. These residential hubs are lacking in lifestyle/entertainment options."
His Forum Aventura is a 12-story office condo tower, filled with amenities, that recently topped off and should open in 2018. Aventura District, currently in pre-development, will be a lifestyle development right by Aventura Mall that will offer residences, retail and office space.
"This parcel was just rezoned, so the next step is site plan approval," Rabinovich said.
Rabinovich is also focused on Uptown Biscayne, a five-acre mixed-use project on the corner of 163rd and Biscayne Boulevard, current site of the Dean's Gold strip club. The site will have over 200K SF of commercial space once complete.
"This parcel actually serves as a sort of bridge between the Aventura and North Miami Beach communities," Rabinovich said. "We are currently working with Michael Comras to curate the tenant mix to best serve residents of both communities."
He is also working on Forum Park, an eight-story office condo designed by Arquitectonica, and Greynolds Village, a redevelopment adjacent to Greynolds Park in the Ojus Urban Area. Zoning would allow 108 residential units.
Rabinovich said he is redesigning the property "as a social retail destination geared toward tenants that serve the millennial patrons of the area." Alchemist Coffee has already signed a lease, he said.