The City of Aventura has recently implemented a new measure known as the Hero Housing provision, which aims to provide reduced rents for teachers and first responders in order to make living near their workplace more affordable. The Related Group and BH Group have been selected as the first developers to incorporate this provision into their project.
Under this agreement, the city has allowed for increased density in exchange for rent reductions. Additionally, the developers have committed to providing 10,000 square feet of storage space in the parking garage for public use, paying $125,000 annually over 10 years towards on-demand vehicle services provided by the city and contributing $1 million towards offsetting any potential impacts of their development on Aventura.
The Icon Aventura project will consist of a 26-story building adjacent to the existing Aventura View office building. It will feature 275 condominiums along with 20 apartments designated under Hero Housing provisions and approximately 12,000 square feet of retail space located on its ground floor within a newly constructed ten-story parking garage.
Designed by Miami-based firm Arquitectonica ,the development is situated on a four-acre site that was acquired by joint venture partners at an estimated cost of $51 million back in2022.
