Adam Neumann’s Flow and Canada Global can move forward with a three-tower, mixed-use project next to an existing office complex in Aventura.
The Aventura City Commission voted unanimously and without discussion on Tuesday to approve the joint venture’s rezoning of an 8.6-acre site at 20801, 20803 and 20807 Biscayne Boulevard, allowing 70 units per acre instead of 50 units per acre as previously allowed. The commission also granted a 30 percent parking reduction.
Miami-based Flow and Canada Global, an Israeli real estate firm led by Assaf Tuchmair and Barak Rosen, are planning a 37-story project consisting of three 29-story towers on top of an eight-story podium that will have 675 apartments, 39,000 square feet of retail and 1,709 parking spaces.
In exchange for the density increase and reduced parking, the joint venture agreed to set aside 20 units under the city’s Hero Housing program, which offers below-market rate apartments to city staffers, charter school teachers and first responders who work in Aventura. Other developers participating in the Hero Housing program include Coconut Grove-based Related Group and Aventura-based BH Group. The firms are setting aside 20 condo units for rent at the joint venture’s Icon Aventura condominium project.
Flow and Canada Global will also give $4.2 million to the city’s charter schools and provide a free shuttle to a nearby Brightline train station.
The project will rise next to Aventura Corporate Center, a three-building office complex that will remain intact, plans show. Flow and Canada Global paid $116.2 million for the property in November. Canada Global is the majority owner with a 70 percent stake in the entity that owns the site, records show. Flow owns the remaining 30 percent.
The previous owner, New York-based Stonecutter Capital Management, had previously obtained city approvals for two 24-story towers with 495 apartments.
Canada Global is also partnering with Flow to redevelop a 16-acre shuttered trailer park in El Portal into a mixed-use project with 2,380-plus apartments, commercial space and a school. The joint venture paid $71.5 million for the site in March.
