Construction funding of US$67 million has been provided for the implementation of the Aventura Park construction project which is being developed by AMAC Holdingsa national real estate investment company, and ROVR developmenta full-service real estate development, acquisition and management company based in Miami, Florida.
According to a press release from the lender, ocean bankNew York’s AMAC and Coral Gables’ ROVR are developing the eight-story Anillo. Toledo. Lopez designed building, with 290 units at 17990 West Dixie Highway, along the Oleta River and directly across from Greynolds Park. Last year, an AMAC affiliate paid $10.3 million for the nearly 3-acre empty development site.
With Medley Delant Construction as general contractor, the project, which is expected to be completed in early 2024, will include a swimming pool, gym and spa, as well as a six-story structure with 439 parking spaces.
About the developers of the Aventura Park construction project
According to the company‘s website, AMAC Holdings is a real estate investor established in 2012 by Ivan Kaufman and Maurice Kaufman, with Maurice Kaufman later founding the multi-family construction arm, AMAC Development.
AMAC has purchased and built over $2 billion in apartment complexes in New York, Florida, Texas, Maryland and the Carolinas. Other South Florida developments built by AMAC include the finished 402-unit Biscayne 112 rental complex at 11200 Biscayne Boulevard, between Miami Shores and North Miami.
Also Read: AER Apartment Tower Breaks Construction in Tampa, Florida
According to ROVR’s website, the company, launched in 2015 by Oscar Rodriguez and Ricardo Vadia, has more than $700 million in real estate under development or under construction in Miami-Dade and Broward counties.
Another collaborative effort between AMAC and ROVR is an eight-story, 180-unit apartment building at 4465 Griffin Road in Hollywood. In February, AMAC paid $6.6 million for the 2.2-acre development property through an associate.