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Real Estate

Icon Aventura?

Cashflow In Miami
March 10, 2023

Icon Aventura?

2999 Northeast 191st Street Aventura

Related Group and BH Group submitted a site plan for their joint venture’s proposed mixed-use project in Aventura.

The developers plan Icon Aventura as a 26-story tower with 308 apartments, 12,000 square feet of ground-floor retail and a garage on a 4-acre development site at 2999 Northeast 191st Street, according to an application submitted to the city of Aventura.

The assemblage includes an existing office building, Aventura View, that Related and BH plan to renovate.

The partnership paid $51 million for the site in July, 2022.

In order to achieve 308 units, the developers are negotiating additional density for the project. In exchange, Related and BH would set aside 51 units at below market rates for Aventura police officers and teachers at two charter schools in the city, said Aventura Mayor Howard Weinberg.

Weinberg, who was elected last year, said getting developers to provide inexpensive apartments for first responders and teachers working in Aventura was part of his platform. He calls it “hero housing,” and said he discussed the concept with Miami-based Related CEO Jorge Pérez.

The city is also asking the developers to donate 10,000 square feet in Icon Aventura’s proposed garage for the Aventura Police Department, and to make a monetary contribution to the city’s Freebee car service.

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