Dumfoundling Bay Getting $40.9-Mil Multifamily Project

SUNNY ISLES, FL-Aventura Preserve Investors, a joint venture of Connecticut General Life Insurance Co. and Times Square Capital Management, is planning a new apartment project at North Bay Road and 172nd Street, on Dumfoundling Bay in Sunny Isles, according to Integra Realty Resources, AREEA/South Florida, a Miami real estate research organization.

The project is planned for 500 units with the development of two nine-story buildings and two six-story buildings. Altman Development Corp. is the developer for the owner. The contractor for the buildings is Suffolk Construction Co. of West Palm Beach. The construction contract is for $40.85 million or $81,700 per unit. The project is being partially funded with a $35-million loan from Bank of America. Sunny Isles is located north of North Miami Beach, about 20 miles from downtown Miami.