SFL Business Journal

Developer nabs $36M for office condo/hotel project in Miami-Dade

Rieber Developments has obtained a $36 million construction loan for Ivory 214, an office condo and hotel project in Aventura.

Miami-based BridgeInvest provided the loan to the local developer for the project at 2820 N.E. 214 St. Construction started in March 2018 and should be completed in the first quarter of 2020.

“Securing the construction financing for Ivory 214 is an especially proud moment and a key step in delivering this compelling project to Aventura,” said Bernardo Rieber, principal of Rieber Developments. “Today’s closing is an endorsement of the continued strength and market appeal of Ivory 214 as we continue our forward momentum.”

Ivory 214 will have 38,191 square feet of offices, 10,942 square feet of retail, a 100-room Tapestry Collection by Hilton hotel and 313 parking spaces.

Driftwood Hospitality Management will operate the hotel, which will have extendedstay rooms with kitchenettes. The hotel will include a fitness center, a pool, meeting rooms, a restaurant with a bar and a rooftop terrace.

Rieber Developments said 30 of the 34 office condounits have been sold. The remaining units are priced from $402,600 for 670 square feet to $3.4 million for 6,257 square feet. Cervera Real Estate is the listing broker.

Winmar Construction, an affiliate of Coastal Construction, is the general contractor of Ivory 214.

Meanwhile, Rieber Development has another mixed-use project called 12|12 Aventura on a neighboring site. The developer has branded the area the Aventura Medical District because it’s near Aventura Hospital & Medical Center.

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