Aventura 2999 LLC has filed a revised proposal for the four-acre property at 2999 NE 191st Street, where the prior plan called for a 26-story condominium tower with 295 units.
The 6.6 acre property is positioned for a large-scale mixed-use development that also allows for the development of up to 6,602 residential units across residential, office, hotel, and retail.
Botanic Residences is located in West Brickell/Little Havana and will deliver some of the first high-finish condominium product to the market.
Originally acquired in 2021, the campus was repositioned through a multi-year strategy to concentrate tenancy, enhance the office assets and unlock a portion of the site for residential development, enabling two distinct paths for value creation.
Under current EB-5 regulations, petitions filed on or before September 30, 2026 are protected under the program’s grandfathering provision, meaning applications submitted by that date will continue to be processed under existing rules even if the program changes or sunsets in 2027.
The development is one of the first major affordable and workforce housing developments to move from legislation to construction.
The 8-story development is set for completion in early 2028.
The development is planned to include thousands of affordable and workforce housing units, several hundred thousand square feet of retail and office uses, and medical and institutional uses, with an economic impact in the billions of dollars.
The 117-unit community is a rarity for any new development in or around Coral Gables, with most residences priced under $1 million.
The deal was facilitated by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.
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