P6 Group expanded its pipeline into Miami-Dade County, paying $16 million for a development site near Aventura Mall. The Boca Raton-based developer is planning The Gateway, an 18-story mixed-use project with 210 apartments and 13,185 square feet of office space.
A P6 affiliate acquired a 1.4-acre assemblage at 2600 and 2630 Northeast Ives Dairy Road in Ojus, an unincorporated neighborhood of Miami-Dade, records and real estate database Vizzda show. The buyer obtained a $2.5 million mortgage from Centennial Bank.
Wolf Co Real Estate Brokerage and Investments LLC’s Barrett Wolf and Josh Slovin brokered the deal.
The seller, an entity managed by Hallandale Beach-based developer Raphael Ammar, paid a combined $4.2 million for the two lots in 2003 and 2016, records show. Ammar and his sons, Joseph and Gabriel Ammar, had previously planned a different version of The Gateway with 99,600 square feet of offices and 17,600 square feet of retail on the ground floor, but with the same number of apartments.
Last month, P6 submitted a revised site plan with Miami-Dade County for a downsized project that eliminated the retail and significantly slashed the office space square footage, county records show. The developer is also planning to set aside 21 apartments for workforce housing.
Led by Jose J. Padua, Jose E. Padua, Todd Richardson and Ignacio Diaz, P6 has developed condominium and townhome projects in Boca Raton, Deerfield Beach and Fort Lauderdale. The firm recently completed Royal Palm Residences, a complex of three nine-story condo buildings with 48 units in Boca Raton. P6 built the project with a $68.5 million construction loan from CIM Group.
The Gateway is among a handful of planned projects near the Brightline train station in Aventura. Stellar Communities and Adam America Real Estate are developing Aventura Station I, a 15-story building with 245 apartments at 2524 Northeast 193rd Street, and Aventura Station II, a 245-unit apartment project rising 12 stories at 2525-2561 Northeast 192nd Street.
Developers Yakov Cohen and Shimon Bouskila are planning to redevelop an Aventura industrial complex into a 15-story mixed-use building with 261 apartments and some retail at 2655-2660 Northeast 189th Street.