Credit: Integra Investments.Aventura ParkSquare opened this month as a mixed-use task focused on health, health and walkability in Aventura, Florida, an upscale suburban area north of Miami that’s drawing increasing interest from designers.
Victor Ballestas, principal of Integra Investments, stated he anticipates the 1.2 million-square-foot job on 7.4 acres at Waterways Boulevard and NE 207th Street to act as a new town center for the neighborhood.
It includes 131 condos varying in price from $500,000 to $1 million, with about 80 percent of the systems sold up until now, Ballestas stated. Among the features are a communal vegetable garden and a fitness center.
The advancement consists of 140,000 square feet of office and medical-office condominiums, all which are sold, according to Ballestas.
In addition, it has 55,000 square feet of ground-floor retail, with renting commitments from a mix of dining establishments and fitness-specific sellers. A luxury senior rental tower and a 207-room Starwood Aloft Hotel likewise are part of the job.
“You’re constantly searching for some sort of an edge,” Ballestas told CoStar News. “We didn’t wish to do something gimmicky, something that would pass. Health and wellness is obviously here to remain.”
Integra selected Zyscovich Architects to design Aventura ParkSquare around the wellness and walkability style. The company chose extra-wide sidewalks and open staircases that prevent customers from utilizing elevators. A tree-lined street and shrubs shade sidewalks to promote pedestrian traffic.
Brokers see Aventura ParkSquare as a key addition to a city comprised primarily of Latin American financiers, senior citizens and part-time citizens searching for a safe place to park their cash.
Jonathan Kingsley, an executive vice president of Colliers International in South Florida, noted that Integra made Aventura ParkSquare different from the Aventura Mall, supplying another location for patrons to collect.
“They hit the market right,” Kingsley said of Integra. “It’s very-well executed. All the parts are appealing to the demographics in the area.”
With thousands of brand-new property systems integrated in Aventura in recent years, developers are proposing workplaces, office-condos and retail in and near the city.
Jaime Sturgis, founder of Native Real estate in Fort Lauderdale, said Aventura’s workplace market has plenty of possible because it’s a well-to-do, centrally situated city.
“Demand is definitely there,” Sturgis stated. “I think it’s a ‘you construct it, they will come’ scenario.”
However Kingsley, who leases two Class An office buildings in Aventura, pointed out that while Integra has actually sold all of its office-condos, they typically are a difficult sell because owners discover that the cost of constructing out the space for occupants isn’t really economically practical.
He added that over the past years, just a handful of office tenants larger than 15,000 square feet have entered the marketplace. What’s more, he said, Marriott and other office renters wish to sublease their areas, however they’ve sat on the marketplace for months without any takers.
On the other hand, Mexican designer Brom Inmobiliara is developing a 272,000-square-foot workplace tower along Federal Highway in surrounding Hallandale Beach in Broward County, a task that might prove challenging, Kingsley stated.
“It’s a concern for a market that has yet to prove that it’s an office location for renters bigger than 10,000 or 15,000 square feet,” he discussed.