Central Aventura Secures $70M Loan To Launch Mixed Use Project On Biscayne Boulevard

• Central Aventura lands 70 million construction loan from Ocean Bank
• Project will deliver 145000 square feet of retail and office space
• Aventura retail vacancy sits at just 1.6 percent with strong rent growth

What The Groundbreaking Means For Development Momentum

Centtral Aventura LLC has officially broken ground on a nine-story mixed-use project along Biscayne Boulevard. The milestone follows the closing of a 70 million construction loan from Ocean Bank, signaling strong lender confidence in both the sponsor and the submarket. Construction is already underway with foundation work in progress, positioning the project for delivery in late 2027. Early execution keeps the timeline aligned in a competitive South Florida pipeline.

What The Project Mix Means For Tenant Demand

The development will include 75000 square feet of retail and restaurant space and 70000 square feet of office space, supported by a 423-space parking structure. This blend targets a high-income customer base with demand for dining, wellness, and service-driven retail. The inclusion of office space also adds daytime traffic, which supports retail performance and leasing velocity.

What Location Means For Retail Performance

The site sits along Biscayne Boulevard near Aventura Mall, one of the highest traffic retail destinations in the country. The corridor benefits from strong visibility and access to affluent residents and visitors. High-barrier-to-entry locations like this typically attract national tenants and premium concepts. For landlords, this supports stronger lease terms and long-term tenant stability.

What Market Fundamentals Mean For Rent Growth

Aventura’s retail market remains extremely tight, with vacancy around 1.6 percent and limited new supply. Over the past five years, rents have increased more than 40 percent, reaching nearly 59 dollars per square foot. Strong absorption and continued tenant demand create favorable conditions for new developments. Projects delivering into this environment are well-positioned to capture premium rents.

What Leasing Activity Means For Project Upside

Colliers is leading leasing efforts, targeting a curated mix of food, beverage, and service tenants alongside office users. Early leasing momentum will be critical as the project moves through construction. With limited competing inventory and strong tenant demand, the project is entering the market at an optimal time. This supports both lease-up potential and long-term asset value.

What This Development Means For Investors

Central Aventura reflects continued capital flow into high-growth Sun Belt markets. Strong demographics, low vacancy, and rising rents make Aventura a priority target for retail and mixed-use investment. For investors and landlords, this project highlights how well-located mixed-use assets can capture multiple income streams while benefiting from strong market fundamentals.