Icon Aventura, a 26-story tower proposed by Related Group and BH Group, has undergone a significant revamp.
The joint venture paid $51 million for the site, including the Aventura View office building, in July.
The city is allowing the developers to build 69 units per acre and to place some residential units on the ground floor. But instead of 308 apartments as previously planned, the mixed-use project now will have 275 condos and 20 rental units at below market rates for first responders and teachers working in Aventura.
Related and BH agreed to provide the city with 10,000 square feet of storage, pay for a Freebie ride service for 10 years at a cost of $125,000 per year and a contribution of $1 million to Aventura.
The planned 12,000 square feet of ground floor retail at Icon Aventura, and a separate stand alone garage between the planned high-rise and an existing office building remain unchanged, according to a city of Aventura memo. The 4-acre development site is at 2999 Northeast 191st Street.
On Nov. 7, the Aventura City Commission approved the project on second reading. Mayor Howard Weinberg negotiated with Coconut Grove-based Related and Aventura-based BH to introduce “Hero Housing” at the development.
“This is luxury housing for Aventura’s teachers and police officers,” Weinberg said at the meeting. “One of the problems we have is that it is difficult for them to live here and commute in.”
At the city commission meeting, Related chairman Jorge Pérez said the joint venture will own the 20 rental units, which will give first responders and teachers who “have been priced out of Aventura” an opportunity to stay in the city.
BH head Isaac Toledano said his firm and Related have not set final pricing for the condos and the apartments. But he revealed why the partnership changed its mind from going forward with an all-rental project.
“There is a shortage in South Florida for luxury condos, especially when the location is prime,” Toledano said in an email.