Banyan House

The project

Banyan House is a 10-story multifamily community bringing 166 residences, about 9,500 square feet of ground-floor retail, structured parking, and resort-style amenities to Miami's Coral Way corridor. It is one of two South Florida communities, totaling 280 units, currently under development with Aventra.

Why it is demanding

A 10-story, mixed-use building on an urban corridor in Miami has to carry structured parking, ground-floor retail, and 166 residences on a tight site, through a hurricane-grade structural code, an entitlement and permitting process that varies block by block, and a subcontractor market where pricing and availability move quickly. The margin for an undisciplined buyout or a late design change is small.

What Aventra does

Aventra leads the project end to end as development manager: managing the design team, entitlements and permitting, budget and schedule, procurement, and construction oversight on the owner's behalf. The buyout is reviewed line by line, and the change-order log is held to the contract from the first month.

What an owner should take from it

Multifamily returns in South Florida are decided in the buyout and the first six months of construction. A development manager who has priced and built this product type protects the pro forma where it is most exposed: the contract terms, the bid leveling, and the change-order log.

Talk to us about development management for your multifamily project, or see Addison Landing, our other active South Florida community, and all projects. More on our multifamily and mixed-use practice.