AVENTURA, FL-Before ground is even broken for Atrium at Aventura, a 192-unit, twin-tower residential condominium on Biscayne Bay, the original developer, VenAventura LLC, sold the project to an affiliate of Naples-based Gates McVey for $26 million. At the time of the sale, the architectural plans and initial groundwork was complete and 85% of the units were pre-sold.
"It's like a relay," Stephen Robison, SVP of Gates McVey, tells GlobeSt.com. "VenAventura worked through the permitting process and prepared the site, and, after creating some value, was able to turn to other projects they wanted to pursue." Wachovia Bank provided GM Atrium LLC, a Gates McVey affiliate, construction funding, and the new owner is following the initial plans. "We have also fully deployed a re-sale program," Robison says, for buyers who bought units in order to sell them. Turnberry International Realty is the listing broker.
Atrium consists of two 12-story buildings, each containing 96 two-, three- and four-bedroom units, including two-story units at the terrace and penthouse levels. They range in size from 1,200 sf to 3,142 sf. Robison says the selling prices begin in the $500,000s, and "the highest price paid for a two-level unit is nearly $1.2 million."
Atrium actually contains three atriums, one in each building lobby and another centered between them. It is located at 3131 NE 188th St. with 450 feet of water frontage, and plans call for 22 boat slips and a boardwalk surrounding the peninsula. There is covered parking, a business center, fitness center, children's playground and waterfront pool, hot tub and sundeck. Robison expects completion within 22 months.
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