Lennar Locks Down $44.8 Million Construction Loan For Wynwood Green

Lennar has locked down a $44.8 million construction loan for Wynwood Green, an 11-story, 189-unit residential rental apartment building which will also feature 17,000 SF of commercial space and 324 parking spaces. The loan was provided by Santander Bank. Wynwood Green will be located on a 1.26 acre site which was the former site of the popular food-truck and bar station at Wynwood Yard, 48, 56, 64, 70, 82, 90 and 98 NW 29th St. and 63 NW 28th street. Initial designs are by architecture firm Dorsky + Yue International. The site of Wynwood Green was sold to Lennar by David Lombardi of Lombardi Properties, who was one of the pioneers in the emergence of Wynwood.

The Miami-based publicly traded Lennar Corporation (LEN) is known as one of the largest homebuilders in the United States, but also retains ownership interests in 53 apartment communities. Wynwood Green would also be their first multifamily project within the city of Miami. Lennar Corporation is run by Executive Chairman Stuart Miller, whose father Leonard Miller was one of the founders in 1956. In 2019 Lennar was ranked 154th on the Fortune 500 and the company operates in 21 states.

Lennar Files Plans For Wynwood Green, A Rental Project Replacing Wynwood Yard

America's largest homebuilding, Lennar (LEN), has submitted plans to build Wynwood Green, a 189-unit rental apartment complex at the site of Wynwood Yard. The project would rise 11-stories on the 1.26 acre site and is designed by Dorsky + Yue. Wynwood Green would bring 189 apartments, 324 parking spaces and 16,768 SF of commercial space. Lennar is requesting to build an additional 3-stories then zoning allows via ca contribution to the Wynwood Public Benefits Fund. The developer, Lennar Multifamily Communities, is currently under contract to purchase the site which would also be their first multifamily project within the city of Miami. The proposal was recently presented to Miami's Urban Development Review Board.