After closing a $58 million construction loan from Bank of the Ozarks, The Related Group and East End Capital have broken ground on Wynwood 25, the area's first major residential project to be built under the 2015 Neighborhood Revitalization District plan's zoning changes. Wynwood 25 is slated to bring 289 rental apartments, a host of embedded amenities, 31,000 square feet of retail and 340 parking spaces to Wynwood. The efficiently-sized units are designed to add desperately-needed reasonably priced living options to the city’s most creative and artistic neighborhood. Projected to rent for under $2,000 per month. East End Capital announced in May that The Related Group has acquired a 50% partnership interest in its Wynwood 25 project and they both co-control the development.
"Projects like Wynwood 25 are key for the neighborhood to reach its full potential. Wynwood already has some of the city's favorite restaurants, coffee shops and other designations, but we saw a huge demand for urban living options. People have fallen in love with the neighborhood's unique, walkable culture and now it can be their permanent lifestyle. We look forward to setting the stand for all future projects in the area and delivering a project that complements the vibrant and walkable Wynwood Arts District," said Jon Paul Perez, Vice President, The Related Group.
“We are extremely proud to partner with The Related Group, who bring unparalleled development expertise to the endeavor,” said Jonathon Yormak, founder of East End Capital. “More importantly, Related shares our commitment to Wynwood and building a project that contributes to the existing fabric of the community.”
Floorplans will come in studio and one bedroom layouts. Units will feature 10' to 12’ ceilings, luxurious kitchens and bathrooms, and full-sized washer/dryers. Amenities will include a large state-of-the-art fitness center with yoga studio, collaborative work-from-home spaces, a coffee lounge opening onto the building’s 12,000 square foot green courtyard, bike storage, package storage, and dog wash facilities. It will also feature a landscaped roof terrace that includes a pool, barbeque, movie screen, outdoor and covered work areas, and green areas from which to take in the best views in Wynwood. Substantial art programming will be integrated into the building exterior, the paseo and the building interiors, creating a distinctive living experience.
"The vision behind creating the masterpiece of Wynwood 25 was to design a project that truly enhances the creative neighborhood of Wynwood. The Wynwood community is always evolving. Out goal was to create a project that has a sleek and modern design to become an iconic building in this thriving, vibrant community," said Kobi Karp, founder and Principal of Kobi Karp Architecture and Interior Design, Inc.
