The buyer plans to develop the recently acquired site into a residential community featuring 78 or more affordable housing units, taking advantage of development opportunities available under Florida’s Live Local Act.
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.
Jonathan De La Rosa and Eddie Toledo, investment specialists in Marcus & Millichap’s Miami office, represented the sellers in the transaction.
The project is expected to be completed in the summer of 2027.
The property is currently available for sale or joint venture partnership, represented exclusively by Michael D. Hinton, CCIM, of Lee & Associates South Florida.
This development is part of a strategic expansion of MMG’s portfolio into the residential sector. Widely regarded for its success in retail real estate, MMG is leveraging its expertise to create environments that seamlessly integrate commercial and residential uses.
The 36,998-square-foot assemblage at 3350 Biscayne Blvd. has existing zoning approvals for a 172-unit high-rise development.
On January 10, a developer filed Broward County’s first lawsuit under the Act, after the City of Hollywood blocked a proposed 17-story mixed-use development that would bring affordable housing to Hollywood Beach.
The property is situated on a corner lot at the high-traffic intersection of 54th Street and N.W. Seventh Avenue, minutes from Wynwood, Downtown Miami, the Design District and Midtown, making it an ideal location for workforce housing.
The property includes 45,770 square feet of office space, 11,255 square feet of ground-floor retail, and a 40,000 square-foot parking garage, all contributing to a steady income.