Arbor Grove Releases Revival Plans for 35.8K SF Arbor Residence in Miami for 2024

The Arbor Residences, a five-story project situated at 3034 Oak Avenue, Miami, Florida, 33133, is set for a comeback under new management. Originally initiated in 2017 with 52 units, the venture faced setbacks and financial challenges, leading to a temporary pause in its progress.

Transfer of Ownership and Renewed Construction Goals

3034 Oak Park LLC has officially handed over ownership to Arbor Grove Development LLC, marking a significant shift in the project's trajectory. The transfer, executed as a deed in lieu of foreclosure, signals a revival for the mid-rise tower, whose construction site spans 35,850 square feet. The new developer is determined to propel the construction forward, targeting completion by the third quarter of 2024.

Residences and Amenities: What to Expect

The revitalized Arbor Residences will feature 45 units, ranging from 1,450 to 3,000 square feet each. Among the shared amenities are a swimming pool, fitness center, and lounge, enhancing the overall living experience for residents.

Market Dynamics: Pricing Adjustments and Strategic Ownership

In response to evolving market conditions, prices for these residences will now commence at $1.4 million, a significant shift from the initial $799,000. Arbor Grove Development LLC, the new custodian, has a track record of salvaging stalled projects, transforming them into notable successes. Behar Font & Partners, the esteemed architectural firm, is leading the design. Notably, the developer currently manages an impressive portfolio of 36 active projects.

Location Insight: The Arbor Residences in Coral Gables

Situated at 3034 Oak Avenue, Miami, Florida, 33133, within Miami-Dade County, The Arbor Residences finds itself under the skilled direction of Coral Gables-based Behar Font & Partners. As this mid-rise development prepares for its anticipated 2024 release, it is poised to contribute to the diverse and dynamic real estate landscape in the region.