January 2006. Lincoln Pointe Condo. 17900 NE 31st Ct.

In a settlement reached in a special February 2 meeting, the Aventura City Commission approved terms of an agreement with developers of the proposed Lincoln Pointe condominium project on Williams Island.

Shefaor Tarragon LLLC will end its legal battle with the city for approval of a 40-story condo tower with 526 residential units, and instead construct a 460-unit project on an 8.77-acre parcel located at 17900 NE 31st Court, subject to city site plan approval.

But a site plan the firm submitted on January 23 on behalf of a request for a waiver of the city´s building moratorium will be set aside, said Shefaor Tarragon attorney Stan Price. That design, said City Manager Eric Soroka, featured a squat, 900-foot-wide building, 28 stories tall. "It will not be built; it will not be sought," said Price, who said the developer preferred a tower to preserve views.

The city´s agreement gives Shefaor Tarragon until March 15 to submit alternative plans for a 460-unit building no larger than 35 stories and 400 feet wide.

City commissioners voted 6-1 in favor of the settlement, with Mayor Susan Gottlieb opposed, as a means to avoid a potentially costly lawsuit. Gottlieb said she was concerned about additional traffic from the future Lincoln Pointe and other projects under development nearby.Gottlieb said she wanted to see the building´s height and density reduced further. "I´m concerned we have not mitigated the situation," she said, adding she was not convinced by a traffic report commissioned by the developer that projected minimal additional traffic from the complex.Commissioner Bob Diamond said the city was facing the risk of litigation and he was taking the advice of the city attorney to avoid a legal battle.

Under new land development regulations approved on first reading in January, the firm could only build up to 25 stories and 45 units an acre on the site. The settlement allows about 52 units an acre ? fewer than the 60 units an acre permitted under the previous building codes.

The firm will also contribute $350,000 to install sidewalks, landscaping and other improvements, and deposit $100,000 into an escrow fund to help the city purchase land. Also, the city will work to obtain easements to convert private roads to public roads near Lincoln Pointe. Any road improvements would then be funded by Shefaor Tarragon.

Also, in a private, separate agreement , reached just hours before the City Commission meeting with the adjacent Biscayne Cove condominium complex, the developers promised to provide a 75-foot buffer with its neighbors to maintain a view corridor, install a fountain and landscaped areas, allow an easement area for parking, and contribute money to extend Biscayne Cove´s fencing, said Price.

City Attorney David Wolpin, however, said the private agreement between Shefaor and Biscayne Cove is outside the scope of the city´s decision. Price, though, argued that deal was relevant. The settlement ends a year-long dispute between the city and the developers. Some residents were opposed to the plan and were outraged over the last-minute deal the developers reached with Biscayne Cove. Many Williams Island residents filled the room to speak against the proposal.

"The community is in turmoil," said resident Burton Young, who last year had pushed for an across-the- board building moratorium and opposed the 12 exceptions city leaders had granted developers.

"The general sentiment on the island can be described in one word: betrayal," said Carlos Vidueria, president of the Williams Island property owners association. "We weren´t going to exchange our rights for some cash and landscaping." Added resident Joel Hillman, "You´re overdeveloping; to build 460 units on this tiny site is insane."

Hot Market

Demand for single-family homes in Aventura outweighs the supply judging by the speedy sales in the Aventura Lakes community of 400 homes. Currently of the 12 pending sales, eight homes were sold in less than 90 days, with a couple of homes finding new owners in only two days.

Prices have appreciated considerably over the past couple of years; a house that was then $385,000 is now worth more than $550,000.

Asking prices for the dozen or so houses currently offered on MLS range from $665,000 to $1.399 million.
Four of them have crossed the million dollar "ask" threshold. Those owners may be a little over-optimistic though: the highest-recorded sale price in Aventura Lakes stands at $875,000 achieved last year.

The Northeast Miami-Dade neighborhood that used to be populated mainly by seniors living in condos has attracted many families and young people.

Aventura´s new charter school is a big draw, along with amenities such as a community center, park and major shopping mall nearby.