Adam Neumann received the stamp of approval from city officials to build bigger in Aventura.
At a June 2 meeting, Aventura commissioners unanimously greenlighted a larger version of the billionaire WeWork co-founder’s planned Flow-branded multifamily development, allowing Neumann and his partner, Israel-based Canada Global, to increase the project’s density and height at Aventura Corporate Center.
The developers filed amended plans for the 8.6-acre site at 20801, 20803 and 20807 Biscayne Boulevard, the South Florida Business Journal reported.
The revised plans call for 720 multifamily units in two 32-story towers rising 367 feet, up from the previously approved development of 675 apartments in three 29-story buildings. The developers are also seeking to reduce parking, proposing 1,556 spaces instead of the 2,505 spaces approved previously.
The project would include 20 units designated as “hero housing” for city employees, first responders and teachers. In exchange for the requested conditional use approval, the developers also pledged $5 million toward a city-run charter school, along with 25 community vehicles and 50 bicycles for residents.
Unlike some of Neumann’s other Flow buildings, short-term rentals would not be allowed.
Unit sizes will range from 550 square feet to 1,500 square feet, including one-, two-, three- and four-bedroom layouts.
Designed by Zyscovich, the project would be built alongside the existing office complex, which spans more than 525,000 square feet. The developers plan to keep the office buildings instead of demolishing them, but will replace one parking garage and expand another with two levels of parking.
Neumann and Canada Global paid $116.2 million for Aventura Corporate Center in 2024. Neumann’s contribution included an $11 million equity investment through Flow and a separate $25 million investment in Canada Global shares.
At the time of the acquisition, the office complex was 92 percent leased, and it generated $9 million in annual rental income, according to Canada Global filings.
According to the company’s May 28 filing, their three Florida ventures with Neumann — Aventura Corporate Center, 85 Biscayne and River District — carry a combined value of $711 million and include development rights for 3,050 residential units and about 807,000 square feet of commercial space.
Flow is Neumann’s highest-profile venture since WeWork, the coworking space company he co-founded in 2010. After a failed IPO, massive losses and years of restructuring, WeWork filed for Chapter 11 bankruptcy in 2023 with billions of dollars in debt, and majority ownership was handed to its creditors.Through the residential brand, Neumann has launched the 41-story condo tower Flow House at Miami Worldcenter, opened a 632-unit apartment high-rise in Brickell’s River District and acquired a 50 percent stake in PMG’s Society Wynwood.
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