Aloft at Aventura ParkSquare scores $37M construction loan

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

TRD MIAMI /
May.May 17, 2016 09:45 AM

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.


Related Articles

arrow_forward_ios
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Major key: DJ Khaled sells waterfront Aventura home for 40% discount

Major key: DJ Khaled sells waterfront Aventura home for 40% discount

Major key: DJ Khaled sells waterfront Aventura home for 40% discount
Prive at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen

Privé at Island Estates developer sues Suffolk Construction over defects

Privé at Island Estates developer sues Suffolk Construction over defects
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
Seritage Growth Properties stopped construction at Esplanade at Aventura because of the pandemic, and now Mexican restaurant Carolo wants to break its lease.

Esplanade at Aventura work stoppage leads to lawsuit by Mexican restaurant

Esplanade at Aventura work stoppage leads to lawsuit by Mexican restaurant
9495 Biscayne Boulevard, CBRE’s Paul Ahmed and Mackenzie Fry

Triarch Capital scores $35M refinancing for One Turnberry Place

Triarch Capital scores $35M refinancing for One Turnberry Place
21440 Biscayne Boulevard and listing broker Jonathan Molano

Opportunity Zone site in Aventura hits market, could trade for $100M, broker says

Opportunity Zone site in Aventura hits market, could trade for $100M, broker says
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...