Aloft at Aventura ParkSquare scores $37M construction loan

Norwich built the 233-key AC Hotel by Marriott across the street

May 17, 2016 09:45 AM

Aloft at Aventura ParkSquare

Norwich Partners has closed on $37 million in construction financing for an Aloft hotel at Aventura ParkSquare, a mixed-use project that’s being developed by Integra Investments. 

Integra sold the roughly 1-acre development site for the hotel to Norwich in January for $8 million. The Aloft, a W Hotels brand, will feature 207 rooms, an Aloft W XYZ bar and a pool deck.

Citizens Bank provided the $37 million loan, records show. Norwich, a Sanibel, Florida-based hospitality developer and investor, also built the new 233-key AC Hotel by Marriott across the street.

Zyscovich Architects designed both hotels, as well as Aventura ParkSquare. CBRE Project Management is managing the design-build of both Norwich hotels.

Integra, led by principal Victor Ballestas, is developing the 8.5-acre, mixed-use project, which will also include a 131-unit luxury residential condo tower, 55,000 square feet of retail, a 100,000-square-foot office tower, which sold out for $56 million last year, and a 45,000-square-foot wellness medical center.

Amenities within the complex will include restaurants such as Icebox Cafe, outdoor green spaces, a Barry’s Bootcamp and greenmonkey yoga. The health-oriented development will also feature extra-wide sidewalks for walkability; open staircases that support less use of elevators; and the elimination of curbs.

Last week, New York-based Renaissance Properties paid $105 million for three Class A office buildings next to the AC Hotel.

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