The Arbor Residences is under new management. The five-story venture originally broke ground in 2017, offering 52 units. However, due to delays and financial difficulties, the project came to a halt.
Now, the project’s back on track, as 3034 Oak Park LLC has transferred ownership to Arbor Grove Development LLC. The transfer was a deed in lieu of a foreclosure. The build site, which hosts the mid-rise tower’s shell, measures 35,850 square feet. The new developer has relaunched sales and intends to have construction completed by the third quarter of 2024.
Amenities include a swimming pool.
The Arbor Residences will host 45 residences, ranging from 1,450 square feet to 3,000 square feet each. Communal amenities include a swimming pool, fitness center, and lounge.
Prices start at $1.4 million. Originally, they started at $799,000. However, the housing market and demand has changed drastically since the venture broke ground six years ago. As noted, Arbor Grove Development LLC is the new owner.
The project started construction, then stopped. Pictured is the five-story “shell.”
FOX19 reports that the organization has a history of acquiring “stalled projects on the verge of failure and turning them into resounding successes.” Behar Font & Partners is the architect.
Our sources indicate that the Coral Gables-based firm presently has 36 active projects. The Arbor Residences is located at 3034 Oak Avenue, Miami, Florida, 33133, in Miami-Dade County.
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