Aventura-Area Office Property Could Be Replaced With 376 Live Local Apartments

The Faith Group is looking to redevelop an Aventura-area office property into a 376-unit apartment project under Florida’s Live Local Act.

The proposed development, called The Gateway 2, would rise 14 stories on a 1.8-acre site at 2627 and 2691 Northeast 203rd Street in unincorporated Miami-Dade County. The property is currently improved with the Aventura Offices and Medical Center, a two-story office and medical office building totaling about 37,000 square feet.

The proposal was outlined in a pre-application filing with Miami-Dade County. That process allows county staff to review early-stage development plans and provide feedback before a formal application is submitted.

Plans for the project call for ground-floor co-working space, structured parking and a pool deck on the 10th floor.

The Faith Group, led by co-founders Kevin Faith and Victor Faith, is headquartered at the existing office property, according to the company’s website.

The project would rely on the Live Local Act, the state housing law that gives qualifying projects additional development flexibility when at least 40 percent of the units are reserved for households earning up to 120 percent of area median income.

The proposal also reflects a broader shift in South Florida, where aging suburban office properties are increasingly being evaluated for redevelopment. While newer Class A office space continues to attract tenants, older buildings in strong locations are becoming candidates for multifamily projects, particularly as developers look to take advantage of Live Local Act incentives.

 

Source: The Real Deal