According to The Real Deal, Coral Gables’ Landstar Development Group sold a 2,287-acre swath of its Avenir project to Avenir Development LLC, marking a step forward in the massive mixed-use space in Palm Beach Gardens. Both buyer and seller are managed by the same executives.

The sale centers on the northern section of the development near Beeline Highway and includes 83 acres of the town center and 51 acres of office space. The land will house the first phase of Avenir, which is Palm Beach Garden’s largest proposed development with plans that even feature a Venice-like canal system.

Once complete, Avenir will include 3,250 homes, 250 of which are designated for affordable housing. Office space, medical space, and retail space plus 300 hotel rooms, 15 acres for an elementary school, and 55 acres for a city park comprise another large stretch of the development. Dedicated acres for community agriculture, civic recreation space, and a police and fire annex comprise the rest of multi-million-square-foot development. 

Developers also agreed to give away nearly 2,500 acres to the public to create a conservation and nature preserve. An additional 50 acres will be donated to the City of Palm Beach Gardens for further economic development.

A smaller, proposed mixed-use space is in the works along the Miami River, while another was recently rejected in Wynwood.

Property records show that the deal was financed through a $13.5 million loan from the seller. Per the real deal, construction will begin in early 2018.