A US$ 67M construction financing has been provided for the implementation of the Aventura Park building project that is developed by AMAC Holdings, a national real estate investment firm, and ROVR Development, a full-service real estate development, acquisition and management firm based in Miami, Florida.
According to a press release from the lender, Ocean Bank, AMAC of New York and ROVR of Coral Gables 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-affiliated corporation paid $10.3 million for the almost 3-acre empty development site.
With Medley-based Delant Construction as the general contractor, the project the construction of which is expected to be completed in early 2024, will have a pool, gym, and spa, as well as a six-story structure with 439 parking spaces.
About the Aventura Park Building Project Developers
According to the company’s website, AMAC Holdings is a real estate investor created in 2012 by Ivan Kaufman and Maurice Kaufman, with Maurice Kaufman later founding the multifamily construction arm, AMAC Development.
AMAC has purchased and constructed 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.
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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 set for 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.
