Integra closes first phase of $100M construction loan for Aventura ParkSquare
Norwich Partners paid $8M for the hotel site
February 04, 2016 11:15AMBy Katherine Kallergis
Renderings of Aventura ParkSquare
Integra Investments has sold the hotel site for Aventura ParkSquare and closed on a $33 million construction loan as the mixed-use project moves forward.
The loan is the the first phase of $100 million in financing, with the second portion closing within the next 30 days, Integra principal Victor Ballestas told The Real Deal. Bank of the Ozarks is the lender.
Groundbreaking is scheduled for next month at the 8.5-acre development site, a spokesperson for Integra said.
All-in-all, ParkSquare will include 55,000 square feet of retail; a 100,000-square-foot office tower, which sold out for $56 million last year; a 45,000-square-foot wellness medical center; a garage; and a 131-unit luxury residential condo tower.
Ballestas said 60 percent of the condos have been sold, mostly to end-users who are looking for walkability and new retail and restaurants. Amenities within the complex will include restaurants such as Icebox Cafe, outdoor green spaces, a Barry’s Bootcamp and greenmonkey yoga. The health-oriented development will also feature extra-wide sidewalks for walkability; open staircases that support less use of elevators; and the elimination of curbs.
Prices for the residential condos range from $500,000 to $900,000.
“A lot of local people in Aventura are buying for their kids,” Ballestas said.
Rendering of the Aloft
The project also includes an Aloft Hotel. In addition to the construction financing, Miami-Dade County records show that Integra sold the hotel site to Norwich Partners, the Sanibel, Florida-based hospitality developer and investor. Norwich paid $8 million for the roughly 1-acre site. The 207-key hotel, complete with an Aloft W XYZ bar and pool deck, will be completed along with the rest of the project by December 2017, Ballestas said. Construction will begin this month.
Aloft operates in Coral Gables, and is already open in South Beach and in Doral.
Norwich Partners is also developing the AC Hotel by Marriott, a 233-key property directly across the street from Aventura ParkSquare. Zyscovich Architects is designing that hotel, as well as the entire Aventura ParkSquare development.
“The Aventura market has a pretty healthy demand for limited service hotels,” Ballestas said, citing one or two older hotels that service the market.
Source: The Real Deal