The developer of the Aventura ParkSquare mixed-use project has revealed some important details of the project’s office component.
The 100,000-square-foot, ‘Class A’ office tower ParkSquare Signature is being sold as commercial condo units, Integra Investments Principal Victor Ballestas said. Already six of the nine floors have been sold, with the buyers evenly split between end users and investors hoping to lease the space, he said. In most cases, Integra has sold entire floors to single buyers, Ballestas added.
“Aventura has a strong South American market and the South American market has accepted the office condo model more than the the domestic market,” Ballestas said. “People in Aventura tend to be in their office longer so it’s a model that worked.”
Integra is selling the office space at $550 per square foot. It’s asking for 30 percent deposits. The buyers will be responsible for interior buildout, but Integra will complete the bathrooms and a first floor conference room and lobby.
The office building, like the rest of ParkSquare, was designed by Zyscovich Architects. The interior design is by Interiors by Steven G.
Ballestas said he decided to make office part of ParkSquare at 2900 Waterways Blvd. because the Aventura office market has high occupancy rates, good rents and plenty of demand, especially from financial institutions.
In addition to the office building, ParkSquare Aventura will include 131 condos, 55,000 square feet of retail, a hotel, and a 45,000-square-foot medical office/wellness building. The project is designed to promote healthy living with large walkways.
Ballestas said the medical office and parking garage will break ground in the third quarter with residential and offices to follow in the fourth quarter.
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