Rieber Developments Breaks Ground on $100M Miami-Area Project
- May 14, 2020
Rieber Developments has broken ground on 12|12 Aventura, a mixed-use tower that will serve as the centerpiece of the burgeoning Aventura Health District in Aventura, Fla. The $100 million development will feature medical and professional offices, senior luxury residential units and retail.
Carrying the address of 21290 Biscayne Blvd., 12|12 Aventura will take shape on an approximately 2.5-acre site across from Aventura Hospital. Architectural firm Arquitectonica is behind the design of the 10-story building, which will encompass 25,000 square feet of professional office condominiums and a 160-unit senior residential component. Additionally, the project will have a public segment in the form of 30,000 square feet of commercial retail space highlighted by a ground-level Chelsea Market-style food hall.
Rieber carefully conceived 12|12 Aventura to accommodate the specific needs of the community. “There’s great demand for office condos in Aventura as there’s limited supply, and Aventura residents have typically had to commute to larger office sectors in neighboring areas such as Downtown, Brickell and Coral Gables,” Bernardo Rieber, CEO of Rieber Developments, told Commercial Property Executive. “Our project offers premier office space nearby for local city habitants.”
And it’s not every day that the residential component of a premier mixed-use destination is designated specifically for seniors, but again, Rieber was vigilant about catering to the area’s particular needs and desires. “Our product is what the next generation of retirees have been asking for. 12|12 Aventura is an urban property that makes them feel alive and integrated into the community with full 5-star amenities,” Bernardo Rieber said. “Aventura is also seeing an influx of wealthy residents from other cities every day and has had a continued growth trajectory.”
Wellness is trending
The Aventura Health District comprises more than 300 medical and professional practices neighboring the Aventura Hospital. Along with 12|12 Aventura, Rieber is building Ivory 214, the companion project to the mixed-use development. Currently under construction and nearing completion, Ivory 214 is a medical and professional building with a 100-key hotel operating under the Tapestry Collection by Hilton brand. Winmar Construction, an affiliate of Coastal Construction, is serving as general contractor for both undertakings, and is on schedule to deliver 12|12 Aventura in 2022. Already, the public is responding. According to Cervera Real Estate, the exclusive broker for 12|12 Aventura’s office condo component, approximately 40 percent of the condos have sold or are presently under contract.