New Urban Development Proposes View 29 With Affordable And Workforce Housing In Wynwood

New Urban Development, an affiliate of non-profit organization The Urban League of Greater Miami, has proposed View 29 in Wynwood. The residential project is located at 2901 NW 2nd Ave. and will offer a mix of affordable and workforce housing to help address the shortage of affordable housing in Miami. The 27,717 SF site was deeded by the county to New Urban Development in 2020 in exchange for the development of affordable and workforce housing.

View 29 is designed by MC+G Architecture and will rise 12-stories, offering 116 apartment units, 105 parking spaces and 6,910 SF of ground floor retail. The unit mix is expected to offer 30 studios, 18 one-bedroom units, 58 two-bedroom units and 10 three-bedroom units. Residences would range from 650 SF to 1,200 SF. Amenities will feature a pool, community room, childrens’ room, fitness center, yoga room, business center and a rooftop terrace with a solar panel canopy. The Wynwood Design Review Committee is scheduled to review the proposal on May 12.

The New York-Based Fisher Brothers Acquire Wynwood Development Site For $17.59 Million

The New York City-based real estate development and investment firm Fisher Brothers has acquired a Wynwood development site for $17.59 million. The property is a 1.5 acre assemblage including the former Miami Rescue Mission located at 2201-2159 NW 1st Ct. and 2200-2250 NW 1st Ave. There are four existing industrial buildings which span 43,440 SF. The seller was a partnership between RedSky Capital and JZ Capital Partners, who acquired the assemblage in 2016 for $22 million.

The RedSky Capital and JZ Capital partnership has been unloading their Wynwood portfolio including the sale of Wynwood Block for $24 million. RedSky Capital also recently sold Cube Wynwd to a development partnership between Tricera Capital and LNDMRK Development.

Fisher Brothers was founded in 1915 by Martin Fisher and was later joined by brothers Larry and Zachary Fisher. Today Fisher Brothers is led by Arnold, Kenneth, Steven and Winston Fisher. Fisher Brothers is a diversified, real estate firm active nationally and recently developed 111 Murray, a 60 story luxury condominium located in the heart of Tribeca; House39, a 372-unit luxury rental tower in Manhattan’s Murray Hill neighborhood; and Station House, a 378-unit luxury rental apartment project in Washington.

Tricera Capital And Alex Karakhanian's LNDMRK Development Acquire Cube Wynwd For $28 Million

Scott Sherman and Ben Mandell’s Tricera Capital in partnership with Alex Karakhanian’s LNDRMK Development have acquired the recently completed Class A office building Cube Wynwd for $28 million. The transaction was financed with $19.6 million in financing split between a senior loan from Amerant and a mezzanine loan from Glacier Credit Strategies which were arranged by Scott Wadler of Berkadia. Cube Wynwd was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.

The building is located at 222 NW 24th St. in Wynwood. Cube Wynwd was designed by Arquitectonica and rises eight stories and offering 100,000 square feet of commercial space. Coworking operator Spaces had leased roughly 30% of the property prior to the sale. The New York-based restaurant group Kissaki also recently signed a lease for the rooftop restaurant space. Other tenants include local retailer ILLIMIT and Bonci Pizzeria.

For more information about commercial leasing at Cube Wynwd, private showings or availability/ pricing information please fill out the form below:

Ironstate Development Closes On Wynwood Development Site For $15.6 Million

Ironstate Development has closed on the acquisition of a 1.29-acre development site in Miami’s trendy Wynwood neighborhood for $15.6 million. Miami Beach-based developer Lucky Shepherd had put the development site under contract prior to the pandemic but the contract was ultimately assigned to Ironstate Development. Lucky Shepherd had planned to build an eco-friendly project with a 150-key hotel, and up to 48 private residences.

Real estate broker Andy Charry, with Metro 1, represented the seller, Art By God, Inc. Real estate brokers Mika Mattingly and Cecilia Estevez with Colliers International Florida’s Urban Core Division represented Lucky Shepherd.

“My client had a great property located on a great street, and it became even better because of the proposed Brightline station,” said Andy Charry.

The development site is currently home to Art By God, a 30-year-old business that has become one of the largest retailers of nature products, artifacts and wildlife items in the U.S., from a wide collection of fossils and bones, to an assortment of rough or polished rocks and minerals, and unique art and sculptures from all over the world. The 21,155-square-foot Art By God is located at 60 NE 27th St. The acquisition also includes the following addresses: 26 NE 27 St., 25 NE 26 St., and 61 NE 26 St.

“This is one of the last great sites in Wynwood,” Ms. Mattingly said. “This transaction is a prime example of a Covid-ravished deal that, at the end of the day, came back to life thanks to Miami’s tidal wave market.”

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.

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.

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.

For more information about commercial leasing in The Oasis, private showings or availability/ pricing information please fill out the form below:

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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Construction At The Gateway At Wynwood Ahead Of Schedule, To Be Completed 2nd Half 2021

Construction of The Gateway at Wynwood is speeding ahead of schedule with completion of the office building scheduled for the second half of this year. The developer has also released new renderings of the project’s 10th floor, which will only offer ‘spec suites.’

R&B Realty Group LLC, the forward-thinking developer behind The Gateway, is devoting the entire 10th floor to fully built-out and ready for move-in office space. The move-in ready suites, starting at 2,000 square feet, can be combined to form bigger units as well. Gensler is the interior architect leading the design of the spec suites.

The Gateway at Wynwood is one of the first Class A office buildings of this scale to rise in Wynwood, Miami's newest office market. Based in New York, R&B Realty Group has a keen understanding of what New York executives are looking for as they plan to relocate down south, and have included elements to cater to their tastes. The spec suites take the stress out of the office leasing and build-out process, providing companies flexibility in their space, and the ability to move-in almost immediately upon completion of the building.

The Gateway at Wynwood is located at 2916 North Miami Avenue and was designed by Kobi Karp. When complete the building will feature over 420,000 SF of space including 200,000 SF of leasable Class A Office Space, 25,000 SF flexible floor plates, an on-site parking garage, floor-to-ceiling glass windows, a private rooftop terrace, around-the-clock security, and 25,000 SF of prime street-level retail space.

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