Related Group and 13th Floor Plan 409-Unit Condo Redevelopment in Aventura

Key Points:

• Related Group and 13th Floor Investments purchased Arium Lincoln Pointe in Aventura for $82.5 million in January 2025.

• They propose replacing the 285-unit apartment complex with two 31-story condo towers totaling 409 units.

• Early site plans included 453 condos and extensive amenities; the current version scales that back but stays within zoning limits.

In one of the latest high-profile redevelopment plays in Aventura, Related Group and 13th Floor Investments are looking to convert a fully leased rental property into a luxury condominium project. The prime waterfront location, originally developed in 1991, offers significant upside potential under existing density entitlements. 

Acquisition and Site Overview

• The site, located at 17900 NE 31st Court, spans approximately 8.77 acres and includes 285 rental apartments built in 1991.

• In January 2025, Related and 13th Floor acquired the property for $82.5 million through their affiliate, 13P AA Owner LLC.

• The acquisition was financed with a $58 million loan from Madison Realty Capital.

Redevelopment Plans: Then vs. Now

• Initial concept plans filed in February by Arquitectonica called for 453 condo units across two 32-story towers.

• These plans included over 51,000 square feet of amenities such as pools, pickleball, tennis and padel courts, private terraces, and nearly 1.08 million square feet of total development.

• In July, a revised application filed by attorney Michael Marrero scaled the project down to 409 units across two 31-story towers.

• Despite the reduction, the development remains within the city’s previously approved density limits from a 2006 settlement allowing up to 460 units in 35 stories.

City Process and Development Status

• Aventura’s official development list as of August 2025 reflects the current proposal as 409 units across two 31-story towers.

• The project is currently subject to administrative site plan review and does not yet appear to have final approval.

Why It Matters

• The property was reportedly 95% leased at the time of acquisition, highlighting the demand and value of the location.

• Redevelopment in this case is less about stabilizing occupancy and more about unlocking higher value through ownership units on waterfront land.

• Related Group has a track record in the Aventura area, including its Viceroy condo development in partnership with BH Group, giving added credibility to its plans.

A Needed Repositioning

The proposed transformation of Arium Lincoln Pointe from rentals to condos illustrates a broader trend in South Florida: developers repositioning aging but well-located multifamily assets into higher-margin ownership products. With strong demand for luxury condos in waterfront areas and zoning already in place, this redevelopment could reshape a key part of Aventura’s residential landscape.