Developer Dan Kodsi plans a major mixed-use project with apartments, offices, and high street retail in Aventura.
Kodsi’s Miami-based Royal Palm Companies, through an affiliate, paid a reported $39.1 million for 9.6 acres on the northwest corner of Biscayne Boulevard and Northeast 213th Street.
Reuven Tako and Jacqueline Tako of North Miami sold the properties through affiliates, according to deeds and state corporate records.
Greg Greer of CRR Acquisition represented the buyer and sellers.
This is just the first portion of the assemblage, as more deals are on tap for nearby parcels, with the entire site for the planned development spanning more than 10 acres, Kodsi told The Real Deal. Royal Palm Companies could enter joint venture partnerships for the development.
Kodsi declined to name potential project partners or the total purchase price for all of the lots, only saying that the total project’s value would exceed $500 million.
The overall site currently consists of land and small residential buildings that Aventura-based Rieber Developments succeeded in getting rezoned to allow for 1.3 million square feet of mixed-use development, Kodsi said.
Aventura commissioners in June gave final approval to the zoning change, allowing a 693-unit high-rise apartment project; a 120-key hotel; 67,743 square feet of offices; 161,270 square feet of retail; and a 120-bed assisted-living facility, according to the meeting agenda.
Kodsi has yet to decide if he will follow these parameters or tweak the development plans. The preliminary vision is for multifamily, offices with some for medical use, and high street retail that would provide an alternative to nearby Aventura Mall, he said.
“Right now that’s really where the gathering space is today in Aventura, and there is really not a good alternative,” Kodsi said. “The mall is very indoor-centric. [On] beautiful days like today, folks are looking for something that is outdoors.”
The retail component won’t be as big as Miami Worldcenter, although it would be reminiscent of it, as the vision is for public plazas and restaurants, he said.
Kodsi built the Paramount condo tower and is developing the Legacy Hotel & Residences, both at Miami Worldcenter.
Rieber Developments, led by Bernardo Rieber, is building the 163-unit luxury assisted-living facility 1212 Aventura near Royal Palm’s new site and near Aventura Hospital and Medical Center. Rieber declined to discuss if he would partner with Royal Palm on its project.