The Collective Reveals nArchitets-Designed Co-Living Mixed Use Building In Wynwood

The Collective has revealed plans for their proposed co-living mixed-use building to be located at 2825 NW 2nd Ave. The Collective is a London-based co-living operator and real estate developer which was founded in 2010 by Reza Merchant. The Collective currently operates co-living buildings in New York and London. The proposed building is expected to rise 12-stories and is designed by is designed by nArchitects with Corwil Architects as the architect of record.

The Collective Wynwood is proposed to have 180 residential units, 70 hotel units and 9,508 square feet of ground floor retail. The building is also expected to have 82,000 square feet of amenity spaces spread throughout every floor and includes co-working space, communal kitchens, a fitness center, gaming rooms, meeting rooms, a workshop studio, eight floor pool deck and rooftop garden.

Rilea Group Teams Up With RealtyMogul To Raise Equity Via Crowdfunding For Mohawk At Wynwood

Rilea Group has teamed up with leading real estate crowdfunding platform RealtyMogul to raise equity for their new mixed-use Wynwood project, Mohawk at Wynwood. The crowdfunding campaign for the 12-story project, which is located at 56 NE 29th St., launched on April 5 to RealtyMogul’s network of more than 200,000 qualified investors.

The Los Angeles-based RealtyMogul underwrites and reviews investments internally before opening them up to investors. Crowdfunding allows qualified investors to invest in institutional investments and larger development projects that they would otherwise have no access to.

The minimum crowdfunding investment for the Mohawk at Wynwood project is $35,000 and the estimated hold period for investors is 5 years. The targeted IRR is between 19.1% and 21.1% with a 2.26X target equity multiple.

A portion of the LP equity piece will be raised via crowdfunding as part of the $41 million total equity. 90%, $37 million, will come from LP’s and 10%, $4 million, is sponsored via the developer. A projected $62 million of debt rounds out the expected capitalization of the $103 million total development costs. Rilea group has the 1.5 acre property under contract for $22.33 million.

Mohawk at Wynwood will feature 225 apartment units and 22,000 square feet of retail. Amenities include a rooftop pool, bar, fitness center, residents lounge, dining room, children’s room, game room and dog park. The project was designed by Deforma Studio.

Terra And New Valley Lock Down $64.8 Million Construction Loan For Natura Gardens Apartments

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Northwest Miami-Dade County, have secured $64.8 million in construction financing from Bank OZK. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction will get underway in the next 30 days, with completion slated for late 2022. Cushman & Wakefield arranged the financing on behalf of the development team.

“Our ability to secure favorable construction financing for Natura Gardens speaks to the growing demand for market rate rental housing in South Florida,” said David Martin, CEO of Terra. “We’re seeing an influx of millennials, young professionals and new families looking for attainably-priced residential options in South Florida’s suburban neighborhoods, specifically west of I-75, close to good schools, and some of the region’s largest corporate employers.”

Natura Gardens has been architecturally designed by Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units imagined by tennis champion Venus Williams’ design firm V Starr Interiors.

Apartments will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will boast high-end finishes and fixtures, expansive balconies, custom shaker-style kitchen cabinetry, spacious built-in pantries, kitchen islands with breakfast areas, stainless-steel appliances, full-size washer and dryers, spacious living and dining rooms, walk-in closets and en-suite bathrooms.

Amenities at the gated community will include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks and lounge chairs on comfortable beach sand, tables and umbrellas; a media room, game room and kids playroom; a children’s tot-lot play area with recreational equipment and electronics charging stations; a sophisticated lounge with a bar and kitchen; a state-of-the-art fitness center with yoga, aerobics and spinning studios; a business center with co-working spaces and a coffee bar; and a residents-only dog park with site furnishings.

Inspired by the area’s natural surroundings, the community will feature lush landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community.

Natura Gardens is situated along NW 170th Street between I-75 and Florida’s Turnpike, immediately south of the planned American Dream retail and entertainment complex.

Abbhi Capital Acquires 1-Acre Miami Worldcenter Development Parcel For $20 Million

The master developer behind Miami Worldcenter, the $4 billion, 27-acre mixed-use development now underway in the heart of Downtown Miami, has sold a 1-acre parcel to Coral Gables-based investment firm Abbhi Capital for $20 million. The property is the west parcel of Miami Worldcenter’s “Block A,” which is located between NE 10th and 11th Streets along NE 1st Avenue. The parcel is zoned for a mixed-use project, with a base development capacity of nearly 850 residential units and 1.2 million square feet. The Cushman & Wakefield team of Robert Given, Troy Ballard, and James Quinn represented the seller, “MWC Block A, LLC” in the transaction.

The sale marks the second parcel of Miami Worldcenter land purchased by Abbhi Capital within the last year. In August 2020, the firm bought the neighboring center parcel of Block A for $24 million.

“Abbhi Capital's investment in Miami Worldcenter's mixed-use master plan is the latest example of sustained interest from like-minded firms that see value in aligning with our best-in-class team of developers and operators. We look forward to collaborating with the Abbhi Capital team as our vision for a 'city within a city' in the heart of Downtown Miami comes to life with an array of residential, retail, commercial, entertainment, and hotel uses," said Nitin Motwani, Managing Partner of Miami Worldcenter Associates.

“Abbhi Capital is excited to expand our commitment to Miami Worldcenter and we are proud to be a part of the strategic vision of a ‘city within a city.’ We look forward to the bright future of this incredible location and project," said Sankesh Abbhi, Managing Partner of Abbhi Capital.

Miami Worldcenter’s master plan continues to deliver in phases. As the largest private development underway in Florida, the development will feature a diverse mix of residential, commercial and hospitality uses complemented by a total of approximately 300,000 square feet of retail, restaurant and entertainment space.

Two residential buildings have been completed, the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet of retail has been completed for tenant build-out, with another 130,000 square feet currently under construction and nearing delivery. Construction has topped off at ZOM’s 43-story Bezel Miami Worldcenter, a 434-unit rental tower slated to open later this year, and at Miami Worldcenter’s 351-room citizenM hotel, which is expected to open in December.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; AmericanAirlines Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College’s Downtown Miami campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach and Orlando, together with access to TriRail, the Metromover and the Metrorail, making Miami Worldcenter the largest and most-connected transit-oriented development in Florida.

Leading Venture Capital Firms Founders Fund And Atomic Sign 10-Year Leases At Wynwood Annex

Miami’s push to attract the tech industry continues in hyperdrive as leading venture capital firms Founders Fund and Atomic have signed 10-year leases at Wynwood Annex. OpenStore, an e-commerce joint venture between Founders Fund and Atomic, has also signed a 5-year lease for space in Wynwood Annex. The leases total over 22,000 SF and asking rents were $57 PSF at the time of lease. The deal was overseen by Tony Arellano of DWNTWN Realty Advisors, who represented the landlord, and Matthew Goodman, Adam Bernstein and Jeff Gordon of JLL, who represented the lessee’s.

Wynwood Annex is located at 215 NW 24th St. and spans 65,000 SF over 8-stories. The property was completed in 2019 and was developed by Related Group and East End Capital. Wynwood Annex features 60,000 SF of office space and 5,000 SF of ground floor retail space.

Founders Fund is led by PayPal co-founder Peter Thiel and was formed in 2005. The firm currently has more than $6 billion in aggregate capital under management and invests across all stages and sectors, including aerospace, artificial intelligence, advanced computing, energy, health, and consumer Internet, with a portfolio that includes Airbnb, Lyft, Spotify, Stripe, and Oscar Health. Founders Fund was the first institutional investor in SpaceX and Palantir Technologies, as well as was an early investor in Facebook.

Atomic is a startup studio and investment fund led by Jack Abraham. The firm was founded in 2012 and has co-founded over 18 companies including Hims, Bungalow, Homebound, Paravision, Raydiant and TalkIQ.

Turnberry Associates and LeFrak Organization Lock Down $32 Million Construction Loan For SoLé Mia

Turnberry Associates, led by Jackie Soffer, and the LeFrak Organization, led by Richard LeFrak, have locked down a $32 million construction loan for the 187-unit Villa Solé at the $4 billion SoLé Mia mixed use masterplan in North Miami. The loan was provided by JP Morgan Chase Bank. Villa Solé is a 187 unit, 6-story multifamily building designed by MSA Architects with interiors by KDS Interiors. The building topped off Q1 2021 and is expected to be delivered Fall 2021. The developers have also planned another 190-unit multifamily building Villa Laguna.

In March 2019 the first residential tower at SoLé Mia, The Shoreline, was delivered. The SoLé Mia masterplan includes 12 towers, 500,00 SF of retail and commercial space, a 225,000 SF University of Miami Health Center, all anchored around South Florida’s first 7-acre Crystal Lagoon, Laguna Solé, at the $4 billion, 184-acre master-planned community, SoLé Mia. SoLé Mia will ultimately be a 183-acre master-planned community with the entire development expected to take over 10 years to complete. In total SoLé Mia will feature 4,300 residential units, retail, entertainment and recreation.

Soliman Corp. Acquires Hallandale Beach Office Building From KEI Properties For $16.5 Million

Canadian real estate investment firm Soliman Corp., led by Jeffrey Soliman, has acquired a multi-tenant office building in Hallandale Beach from KEI Properties for $16.5 million. The 11-story, 117,668 square-foot office building is located at 1250 E. Hallandale Beach Blvd. in Hallandale Beach, FL. The buyer, Soliman Corp, an affiliate of 1250 E. Hallandale LP, acquired the property from Murray Family Associates, an affiliate of KEI Properties. The transaction was overseen by Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm. Adam J. Tiktin, president and broker of TREIS, represented both the Buyer and Seller in this transaction. The closing took place March 31st.

Originally constructed in 1973, the building was 78% leased at the time of sale. Soliman Corp. plans to execute a value add strategy by renovating the lobby, hallways and common areas. The building is situated on over 2.5 acres of land and located just two miles from the Aventura Mall and less than a mile away from Gulfstream Park. KEI Properties originally acquired the property in 1998 for $4.3 million.

The Oasis Wynwood Is Gearing Up To Open In A Few Weeks With Six New Restaurants

The Oasis in Wynwood is gearing up to open in the next few weeks with six restaurants and a 75’ tall “Tower Bar” made out of shipping containers featuring a mural by Antonio Marest. The restaurants include Mr. Mandolin (Mediterranean), Prince Street Pizza, Los Buenos (taqueria), Alidoro (Italian), Buya Dumplings + Buns (Asian street food), and Chikin (crispy chicken concept). There will also be an indoor/outdoor cocktail lounge and nightclub named Huacachina inspired by Huacachina, Peru. The Oasis also features a selection of retail space, art studios, cafes and an outdoor stage for live performance. The indoor/outdoor urban campus is designed by Urban Robot Associates and is being developed by Carpe Real Estate Partners.

The Oasis encompasses 70,000 SF including 35,000 SF of former warehouse space converted into 20,000 SF of creative office space with a 2,500 SF rooftop and 17,000 SF of retail space. Outside offers 35,000 SF of heaving landscaped outdoor courtyard space with an outdoor food hall and the 75’ tall “Tower Bar” to activate the outdoors and complete the urban campus. Retail suites range from 1,000 SF to 6,000 SF.

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ROVR Development Launches Pre-Leasing At Grand Station Apartments In Downtown Miami

ROVR Development has launched pre-leasing for Grand Station Apartments, a 30-story apartment tower with 300 residences in Downtown Miami. The first tenants are expected to begin to move-in this summer. The $70 million development is a transformative public-private partnership with the Miami Parking Authority (MPA), bringing a combination of residential floorplans to MPA’s headquarters at 40 NW 3 Street and expanding the existing garage at Courthouse Center with 350 parking spaces.

ROVR Development, led by Principals Oscar Rodriguez and Ricardo Vadia, are developing the project, and Monument Real Estate Services (MRES), an A-Rod Corp Company, will be the property manager.

“Downtown Miami was in immediate need of luxury housing that brought residents close to the city’s renowned amenities and transportation options that take them anywhere in South Florida,” said Rodriguez. “Working alongside the Miami Parking Authority, we were able to creatively use their existing space and enhance their own facilities, demonstrating the positive results that ultimately benefit residents when a public-private initiative such as this one takes place.”

Residences come in studios, one- and two-bedroom layouts and will feature high-end finishes such as custom Italian cabinets, stainless steel appliances, quartz countertops, walk-in closets and a full-size washer and dryer. Net effective rents for residences start at $1,277, $1,427 and $1,963, respectively.

Amenities will include an expansive New York-inspired rooftop terrace, an outdoor kitchen with grilling area and an oversized swimming pool with sun deck and several hot tubs, offering residents views overlooking Downtown Miami. Grand Station Apartments will also feature an upscale amenities deck with a variety of Class A finishes will feature a full-size state-of-the-art fitness center, wellness treatment and spa rooms with an indoor heated soaking pool, a computer and business center, and a clubroom, as well as an indoor/outdoor spa to unwind. The community will also include a concierge service, dog spa with pet station, bike storage and 24-hour package lockers.

Grand Station Apartments was designed by Miami-based Zyscovich Architects and Anillo, Toledo, Lopez LLC, The project will bring residents within proximity of Miami’s most important transit systems. Government Center’s Metrorail, Metromover and bus hubs, as well as MiamiCentral which features the tri-county rail service Brightline and will eventually include TriRail, are within a five-minute walk of the property.

“The delivery of this project next to the region’s most important transit centers is an indicator of the possibilities that exist to improve Miami’s urban core,” added Vadia. “It’s a convenient solution serving local office workers, Miami Dade College students and employees in the Health District, along with other members of our community. We look forward to showcasing Grand Station’s functional amenities and setting a new standard for transit oriented development.”

RedSky Capital And JZ Capital Partners Sell Wynwood Block For $24 Million

A partnership between RedSky Capital and JZ Capital Partners has sold the retail building known as Wynwood Block for $24 million, $969 per square foot, to Wynwood Block Realty LLC. The sale reflects a $2 million loss from the $26 million, $1,050 per square foot, the partnership paid for the property in 2015. The transaction was financed with a $12.2 million mortgage provided by Valley National Bank.

Located at 190 NW 27th St. and 2621 NW 2nd Ave., the building spans 24,763 square feet and the total site spans 36,750 square feet, .87 acres. Tenants include Wynwood Diner, Aesop, Mister Block Cafe and Italia Independent.

In September 2020 the RedSky Capital and JZ Capital Partners joint venture sold a 1.25 acre development site located at 2700 NW 2nd Avenue in Wynwood for $26.06 million to New York-based real estate investment and development firm Seven Valleys. The sale marked a $4.69 million loss from the $30.75 million the partnership paid for the property in 2016.

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