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Aventura ParkSquare delivers five buildings in new city hub

Sep. 21, 2018

Integra Investments has created a city within a city by completing ParkSquare Aventura, a mixed-use project of five buildings.

The city is among the busiest and most expensive in South Florida, with the Aventura Mall drawing shoppers from all across the region. The 8-acre Aventura ParkSquare covers an entire city block at 2950 N.W. 207th Street and includes interior streets designed to draw people in and promote walkability.

See the gallery for photos of Aventura ParkSquare, which includes residential condos, office condos, a medical/wellness office condo, an assisted living facility, an Aloft hotel, and restaurant/retail space.

Designed by Zyscovich Architects, the project focuses on wellness and fitness. There’s an outdoor deck atop a parking garage where events and classes are planned.

Victor Ballestas, principal of Miami-based Integra Investments, said the developer raised much of the capital for the project from families in Brazil and a developer in Panama. Bank OZK provided the construction financing. Initially, they planned to build a project that would be mostly residential, but city officials wanted a true city center with a mix of uses, so they incorporated all of these other elements.

The condo building features 131 units, which are 80 percent sold, Ballestas said. Each of them have balconies, walk-in closets, mobile-activated doors, stainless steel appliances, and dens. Measuring 900 to 1,800 square feet, the condos were priced from $500,000 to just over $1 million.

Ballestas said most condos in Aventura are considerably bigger than that, so ParkSquare will seek residents looking for smaller, more efficient condos.

The interiors and furniture of the condo were crafted by Interiors by Steven G, and for an extra $35,000 to $50,000, condo buyers can have their units fully furnished by the well-known interior designer. Otherwise, the condos come move-in ready with flooring and basic fixtures.

Ballestas said the condo buyers were 50 percent investors and 50 percent primary users. About 60 or 70 percent of buyers were from Latin America, including Mexico, Colombia, Brazil, and Argentina.

Amenities in the condo building include a pool deck, a fitness center, a social room, and a kid’s room.

The 55,000 in restaurant and retail space in ParkSquare is 100 percent leased, with help from Comras Co., Ballestas said. Many of the tenants are also located in the Sunset Harbor neighborhood of Miami Beach, he noted. So far, fitness center Barry’s Bootcamp is the only tenant to open. Future tenants will include Starbucks, Banesco USA, BarTaco, Doc B’s, Ice Box are, Angelo Elia Pizza, Delicious Raw Kitchen & Juice Bar, Graziano’s, and a kosher restaurant.

The 100,000-square-foot office condo building at ParkSquare is 100 percent sold, Ballestas said. ARI Financial Group, an insurance firm, bought the 15,000-square-foot top floor and will put its name on the building, he said. The office condos were priced around $500 per square foot, and about 80 percent were sold to companies that intend to occupy them, as opposed to investors, he said.

Being near the new restaurants, the fitness center and the hotel was a big draw for the office buyers, he said.

The medical/wellness office building totals 45,000 and was also 100 percent sold, Ballestas said. They sold for around $500 per square foot. One of the biggest occupants will be HealthGains, which offers human growth hormone therapy and other treatments for aging, he said.

The 207-room Aloft hotel was developed by Norwich Partners, on a site pad it bought from Integra. The hotel has a youthful design with a lobby full of games, such as billiards and board games, and a pool deck with a giant chess board. There’s also a bar and plenty of open workspaces.

The assisted living facility, called the Plaza at ParkSquare, was developed in a 50 percent partnership with Royal Senior Care, which will operate the 146-bed facility. It has a high-end lobby that resembles a luxury hotel, with a piano and a coffee bar. The dining room serves two meals a day.

The assisted living facility also features a movie room, a concierge station, a fitness center, a wellness center for physician visits, a sauna, a salon with hair and nails stations, and an outdoor patio.

Staying in the Plaza at ParkSquare starts at $5,000 per month.

No doubt, the seniors there could enjoy the restaurants that ParkSquare will feature, or see their doctors in the medical office building.

Brian Bandell

Read more at https://www.bizjournals.com/southflorida .