Rieber Developments' Aventura Medical Offices, Hilton Hotel Get $36 Million Boost
The 10-story Ivory 214 is part of an envisioned medical district with an assisted living facility planned next door. Both are to rise on land near Aventura Hospital and other medical offices.
July 02, 2019 at 02:42 PM
2 minute read
A planned 10-story Aventura building that will be split between medical offices and a Hilton hotel got a boost from a $36 million construction loan.
Rieber Developments, based in Aventura, is building Ivory 214 as part of its vision for a midsize medical district in the city.
Ivory 214 is under construction, already reaching eight floors at 2820 NE 214th St., which is within walking distance of Aventura Hospital & Medical Center and across the street from the 12-story Aventura Medical Tower office building.
Rieber Developments also wants to build a 12-story building that will include a senior living facility with a ground-floor Chelsea market-style food hall and retail at 21290 Biscayne Blvd. on the lot next to Ivory 214.
“In every midsize medical district in the country, you find a hotel. It's like a must,” developer Bernardo Rieber said, explaining his decision to incorporate a hotel into the project.
It's not as common to incorporate a hotel in the same building as office condominiums, but it's something Rieber Developments decided to do, Rieber said.
The 100-room hotel could serve visitors to the hospital, medical offices and the affluent community.
Hilton's Tapestry Collection brand will be operated by North Palm Beach-based hotel management firm Driftwood Hospitality Management.
The office condos are a somewhat novel approach for the region. Rieber Developments chose this option based on research showing demand. At least 30 of the 34 office condos have been presold.
Ivory 214 also will have 10,942 square feet of retail and 313 parking spaces.
BridgeInvest, a Miami-based private real estate lender, issued the loan June 21 to cover 60% of the estimated $60 million total cost.
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