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 it more feasible for them to reside near their workplace. This initiative has been put into action by developers The Related Group and BH Group, who have agreed to incorporate the provision into their upcoming project.
As part of this agreement with the city, these developers have been granted permission to increase the density of their project. In addition, they have pledged 10,000 square feet of storage space in the parking garage for public use and will pay $125,000 annually over a period of 10 years towards on-demand vehicle services. Furthermore,a sumof $1 million will be allocated towards mitigating any potential impacts that may arise from this development.
Dubbed as Icon Aventura,the forthcoming project is setto span across26 storiesandwill be situated adjacenttothe existingAventura View office building.Its features include275condos,twentyHero Housing apartments,and12 ,000square feetof retail spaceonthe ground floor withina newly constructed ten-story parking garage.The design work was carried out by Miami-based firm Arquitectonica,and construction began after joint venture partners acquiredthe four-acre sitein2022for$51million.
This latest development showcases how collaboration between private entities and local government can result in positive outcomes such as affordable housing options for essential workers.
