Mixed Use Project Breaks Ground in Aventura After Ocean Bank Provides $70M Construction Loan

Key Points

• $70 million construction loan from Ocean Bank
• 142,153 square foot nine-story mixed-use project
• 63,400 square feet of office plus retail and restaurant space
• Prime Biscayne Blvd site acquired for $13 million

A new mixed-use development has officially broken ground in Aventura after securing $70 million in construction financing from Miami-based Ocean Bank. The loan was issued to Central Aventura LLC, managed by Jacobo Cababie Dichi, for a 1.55-acre site at 20955 Biscayne Blvd. The nine-story project will total 142,153 square feet, with approximately 63,400 square feet dedicated to office space. The remainder will be used for retail, restaurant, and fitness tenants. Jaxi Builders has already filed notice that construction is underway.

Why This Location Matters

The property sits between Aventura Mall and the Village at Gulfstream Park, one of the most trafficked and affluent corridors in North Miami-Dade. This stretch of Biscayne Blvd benefits from high household incomes, dense condo development, and steady retail foot traffic. For landlords, proximity to Aventura Mall continues to support premium retail rents. Even with broader office market softness across the country, boutique office in wealthy suburban nodes has shown relative stability compared to CBD product.

Strong Basis, Strategic Timing

Central Aventura acquired the site in 2020 for $13 million, well before today’s higher land valuations in the area. That lower basis provides flexibility as construction costs and financing rates remain elevated. The $70 million loan signals lender confidence in both the sponsorship and the submarket. Local banks in South Florida continue to selectively fund well-located mixed-use developments where demand fundamentals are clear.

The Bigger Picture for Investors

Capital is still moving into prime South Florida corridors despite tighter lending standards nationwide. Projects tied to strong demographics and established retail anchors are getting financed and built. For commercial brokers and landlords, this deal reinforces a consistent theme in 2026: location and sponsorship drive capital access. Infill mixed-use near proven retail continues to attract lenders and long term investors.