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Rilea Group Pays $21M For Wynwood Site To Build 146 Condos

Renderings of the Rider at Wynwood_Image Provided by Rilea Group 1170x435

Rilea Group purchased a plot of land in Miami’s Wynwood Arts District for $21 million, where it intends to develop a condominium, dubbed the Rider at Wynwood.

Wynwood Rider LLC, a subsidiary of Miami-based Rilea Group, purchased the 31,358-square-foot property at 100 N.E. 29th Street and 101 N.E. 28th Street from The Rider Miami LLC, an entity managed by John Bogdasarian of Saline, Michigan-based Promanas. The buyer received a $11.55 million mortgage from Altamar Funding 2 Lender, with a June 25, 2025 maturity date.

There is a 6,470-square-foot commercial structure on the property right now, but it is largely empty.

The property last traded for $12.2 million in 2021.

Sales at the Rider at Wynwood were introduced by Rilea Group in March. The project plans twelve floors and 146 units with short-term rentals allowed. The condos would come completely furnished and range in size from 511 square feet for a studio to 1,612 square feet for a three-bedroom unit. Their prices range from $1.8 million to the $600,000s.


Source:  SFBJ

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The End Of Wynwood? Massive Projects Would Remake Miami’s Hippest Neighborhood

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Miami’s Wynwood may be the hottest, hippest neighborhood in America’s hottest city: A dynamic urban fusion of repurposed industrial buildings and warehouses interspersed with new, low-rise buildings housing shops, bars and restaurants, offices and apartments, all of it steeped in artful design and curated graffiti murals.

Its success is no accident. The reinvigorated Wynwood, once a derelict industrial zone, is the deliberate result of unique planning guidelines and development limits painstakingly laid out a decade ago by district property owners and city of Miami planners. The special Wynwood regulations are backed by a distinct vision — for a dense yet human-scaled alternative to the new high-rise forests of Brickell and Edgewater.

But just as they begin to bear fruit, the carefully laid plans for Wynwood are threatened by a controversial new state law, the Live Local Act, which overrides local building controls and encourages developers to supersize projects in exchange for setting aside apartments as ostensibly affordable housing. Critics say Live Local is a giveaway to developers and the promised affordable housing is anything but that.

In Wynwood, Live Local looms in the form of a developer’s plan for a 48-story tower — 36 stories taller than the highest building now allowed in the district — atop a massive parking garage that by itself is larger than much of the new construction in the neighborhood. The Wynwood Neighborhood Revitalization District rules, by contrast, have restricted new buildings to 12 stories.

The tower plan, by Bazbaz Development, calls for 544 apartments and even more cars and parking, or 621 spots, at North Miami Avenue and Northwest 21st Street. That would effectively bring a downtown Miami density to narrow Wynwood streets already nearly overwhelmed with traffic and infrastructure that has barely kept up with the current wave of redevelopment.

And the tower project is only the first to surface publicly in Wynwood. City planning officials say five other Wynwood applications have been submitted this year. Records provided to the Miami Herald by the city for three of the proposals call for:

  • A 39-story tower with 336 apartments located four blocks north of the Bazbaz project, also on North Miami Avenue, by an affiliate of New York’s Hidrock Properties.
  • A 19-story high-rise with 401 apartments located one block west of the Bazbaz site. As part of the project, Miami Court Holdings would preserve and protect an adjacent, two-story Art Deco building as part of the project.
  • A 25-story building complex — with 996 apartments and 693 parking spaces located along Northwest Sixth Avenue between 24th Street and 26th Street on the western edge of Wynwood along Interstate 95 — is proposed by property owner David Sedaghati’s Ultimate Equity.

Local stakeholders expect more. They fear Live Local projects will turn the carefully nurtured district into another version of Edgewater, the nearby, rapidly changing, bayfront neighborhood that now consists mostly of towers rising from bulky, street-filling parking pedestals.

“If those controls are now overridden by Tallahassee, which has no idea what Wynwood or any neighborhood is, that’s kind of crazy,” said Juan Mullerat, a Miami planner whose firm, PlusUrbia, wrote the award-winning Wynwood plan, which was adopted as law by Miami city commissioners in 2015. “And it’s a little scary. Come Live Local, and you can just go nuts.”


As to the promised affordable housing in the Bazbaz tower? Though the specifics haven’t been decided yet, it’s likely to be around 217 apartments, mostly studios, aimed at people making up to 120% of the median household income in Miami-Dade County — the level set by the state’s Live Local legislation. In 2024, under published calculations by the state, that means people making up to $95,400 a year can be charged up to $2,385 per month in rent for a studio. Rent for a one-bedroom would be capped at $2,554.

Live Local — a priority of Florida Senate President Kathleen Passidomo, a Republican from Southwest Florida, and credited to Sen. Alexis Calatayud, a Republican from Miami-Dade County — was billed as the answer to the state’s housing crisis when it was passed in 2023.

It unilaterally lifts zoning restrictions across the state for developers of mixed-use projects that set aside 40% of residential units as workforce housing for 30 years. Housing advocates say local zoning restrictions have often blocked development of affordable dwellings.

It also directs hundreds of millions of dollars in funding and tax breaks to developers who use the law’s provisions to build.

Live Local quickly proved controversial as developers began proposing outscaled projects in municipalities ranging from Doral to Hollywood and Miami Beach. The law’s pre-emption provisions apply in commercial, industrial and mixed-use areas.

At the same time, the Legislature barred local governments from imposing rent controls on private housing and made it harder for municipalities and counties to approve affordable housing in areas zoned residential only.

Some experts say they expect litigation and increased public furor as mammoth Live Local applications proliferate across Miami-Dade.


Source:  Miami Herald

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Three More Live Local Act Apartment Towers Proposed In Wynwood

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Developers are seizing on the Live Local Act with plans for five apartment high-rise projects in Wynwood.

The towers, which would range from 18 to 48 stories, promise to alter the look of the Miami neighborhood, where heights for years have been capped at 12 stories.

Three of the proposals were recently revealed. New York-based Hidrock Properties plans a 39-story, 336-unit tower at 2534 North Miami Avenue; Miami Court Holdings proposes a 19-story, 401-unit tower at 2100 Northwest Miami Court; and David Sedaghati’s Ultimate Equity plans a 25-story, 996-unit apartment tower on the southeast corner of Northwest Sixth Avenue and Northwest 26th Street, the Miami Herald reported.

In other proposals, Clara Homes’ preliminary plan is for an 18-story to 20-story building with about 150 apartments on the site of the Austin Burke menswear store at 2601 Northwest Sixth Avenue. Also, Bazbaz Development proposes the tallest tower, a 48-story building with 544 units at 2110, 2118 and 2134 North Miami Avenue, as well as 2101, 2129 and 2135 Northwest Miami Court.

Miami-based Clara Homes is led by James Curnin. Bazbaz, with offices in New York and Miami, is led by Sonny Bazbaz.

The Live Local Act, approved by state lawmakers last year and tweaked this year, incentivizes developers to include affordable and workforce housing in their projects by allowing them to skip public hearings for approvals and build much bigger buildings than local zonings permit. To qualify under the legislation, at least 40 percent of an apartment project’s units must be designated for households earning no more than 120 percent of the area median income. The units have to remain at below-market rents for at least 30 years. Also, under the law, developers can build up to the highest density allowed in a municipality, and up to the tallest height allowed within a mile of the development site.

Critics have raised questions as to whether the state law will truly provide a reprieve to Florida’s affordable housing crisis. At Miami-Dade County’s $79,400 annual area median income, a one-person household can earn up to $95,400 a year to qualify for a unit in a Live Local Act project, according to the Florida Housing Finance Corporation.

Some municipal officials and urban planners also have said the law ultimately lets developers ram through projects that will trump neighborhoods’ low-rise and mid-rise characters.


Source:  The Real Deal

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Developer Scores $77M Loan For 8-Acre Wynwood Assemblage

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The original developer of Baha Mar in the Bahamas secured a $76.8 million loan, with plans to build on eight acres of land in Miami’s Wynwood neighborhood.

Miami and Bahamas-based More Development spent $115 million-plus assembling six blocks in south Wynwood between 2018 and 2022 where it plans a mixed-use project, said Whitney Thier, president of the firm. The project will be called SoWy.

JP Morgan Chase provided the financing for the properties, which are along Northwest Second Avenue between Northwest 20th and 22nd streets, according to a press release.

The land could be developed into nearly 2.5 million square feet. The developer could also use the Live Local Act, a new state law that incentivizes developers that incorporate workforce housing into their projects.

Thier said it is too soon to say what More Development’s project will include, but that it will have residential, retail, office, hospitality and arts components.


Source:  The Real Deal

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Homes Near Wynwood Could Be Replaced With Apartments

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A development group wants to replace three houses in the Wynwood Norte area of Miami with an apartment building.

The city’s Urban Development Review Board will consider plans for the half-acre site at 107, 121, and 127 N.W. 31st Street on June 20. WYN107 Development LLC, managed by Sebastian Roiter and Ian Ludmir in Aventura, assembled the properties for a combined $4.5 million in 2023.

The Wyn Mood C building would total 53,401 square feet in four stories, with 72 apartments, 38 parking spaces, about 1,400 square feet of amenities on the ground floor and a rooftop pool deck.

The apartments would range from 471 to 907 square feet. There would be 42 studio apartments, 12 one-bedroom units, and 18 two-bedroom units.

While there’s been a multifamily development boom in neighboring Wynwood, the same higher density zoning doesn’t apply to Wynwood Norte.


Source:  SFBJ

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Doug Levine Continues Wynwood Sell-Off, Listing Two Office Floors For $28M

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Doug Levine is on a Wynwood selling spree, listing the majority of a three-story office building after recently unloading a trio of properties in the trendy Miami neighborhood.

The Crunch Fitness founder placed the top two floors of Wynwood Sky Office Building at 1900 Northeast Miami Court on the market with an asking price of $27.9 million, an online brochure shows. The first floor, owned by Los Angeles-based investor Mark Markos, is not for sale.

Tony Arellano and Devlin Marinoff with Dwntwn Realty Advisors are handling the listing and previously sold the building to Levine.

The 58,500-square-foot warehouse was converted into an office building last year. Levine’s portion of Wynwood Sky spans 40,000 square feet that is fully leased after eight tenants signed short-term agreements last month, according to the brochure.

Tenants include Monster Energy, Aroma 360, Super Caddy, Seitrack US and Building Drops. The annual rent roll is $2 million with a net operating income of $1.4 million. By 2034, the net operating income is estimated to grow to $2.6 million a year, according to Dwntwn Realty Advisors.

The first floor, owned by Los Angeles-based investor Mark Markos, is not for sale. In 2020, Levine sold the first floor to Marko for $7.5 million.


Source:  The Real Deal


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Hotel Coming To South Beach: Keyah Buys Washington Ave Site For $20M

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Keyah Real Estate Group is planning a seven story, 238-key hotel on South Beach’s Washington Avenue.

An affiliate of Aventura-based Keyah, led by Xaver Kriechbaum and Gavin Crescenzo, will tear down a single-story retail building and 13-unit apartment building at 1509 and 1515 Washington Avenue that the firm acquired for $20 million, records show.

The seller, an entity managed by Miami Beach-based real estate investor Jimmy Resnick, paid $550,000 for the retail building in 1987, and $4.6 million for the apartment building in 2006, records show.

Resnick provided Keyah with $15 million in seller financing.

In April, the Miami Beach Planning Board approved Keyah’s project, which entails 238 rooms, a 5,677-square-foot restaurant on the ground-floor, a pool deck on the second floor and a rooftop 3,525-square-foot restaurant, city records show. Designed by Coconut Grove-based Arquitectonica, the hotel would span 91,230 square feet.

Keyah is negotiating a possible branding deal with Cloud One Hotel, a European hospitality company that has a hotel in New York City, plans submitted with the city of Miami Beach show.

Last year, Resnick had a pending deal to sell the properties to Urbin, a subsidiary of Location Ventures, the Coral Gables-based development firm that went belly up following a string of lawsuits from lenders, investors and vendors alleging defaulted loans, unrealized profit returns and nonpayment of services. At the time, then-Urbin and Location Ventures CEO Rishi Kapoor had planned to convert the retail and apartment buildings into a co-living condo project, but the deal fizzled.


Source:  The Real Deal


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Board Slams 48-Story Live Local Act Project Proposed In Wynwood

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Bazbaz Development’s plan for a 48-story tower in Wynwood, the area’s tallest ever planned building, struck out in front of a Miami review board.

The Wynwood Design Review Committee voted against the proposal after a roughly two-hour discussion this week. The committee’s vote isn’t final but merely a recommendation.

Sonny Bazbaz’s eponymously named firm wants to build the 544-unit apartment building on a  1.5-acre assemblage at 2110, 2118 and 2134 North Miami Avenue, as well as 2101, 2129 and 2135 Northwest Miami Court in Miami.

The Live Local Act, a state legislation approved last year and tweaked this year, allows developers wiggle room on site and neighborhood zoning restrictions as long as at least 40 percent of the units are designated as affordable or workforce housing for tenants earning no more than 120 percent of the area median income. These apartments have to stay at below-market rents for at least 30 years.

Bazbaz’s project marks the first Live Local Act proposal for Wynwood to go in front of the design review committee for a vote. Wynwood buildings are limited to 12 stories, a threshold reached after a yearslong effort to hammer out the neighborhood’s zoning code in a way that preserves the former warehouse district’s character.

But Bazbaz’s project isn’t the only Wynwood proposal under the state affordable housing legislation. In total, six Live Local Act projects have been filed for Wynwood, according to city staff members.

That’s why review committee members said during their meeting that their vote on Bazbaz’s project essentially sets a precedent for future proposed Live Local Act projects in Wynwood, and ultimately for the neighborhood’s changing character.

Under Live Local, the committee’s hands are tied on the project’s height and size in general. But members took issue with various aspects of the tower’s design and its scale just on the first few levels, including of the garage podium.

After several committee members commented on the tower’s “efficient” design, committee member Shamim Ahmadzadegan chimed in.

“I want to call it efficient as a euphemism for too simplistic. It’s a box on top of a slender box. We feel like it’s probably overly simplistic. I might use the term unremarkable,” he said at the meeting on Tuesday. “Wynwood is never simplistic and unremarkable.”

Committee member Amanda Hertzler echoed her colleagues on the dais in saying that the tower is “beautiful,” but the design doesn’t fit in Wynwood.


Source:  The Real Deal

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Large Cold Storage Facility Coming To Allapattah

Plaza 27th

Boston-based real estate investment firm Longpoint Realty Partners and Vivo Real Estate Group announced that construction has begun on Point 27th, a 107,632-square-foot cold storage warehouse located at 2260 N.W. 27th Ave. in Allapattah.

The facility will include high-efficiency refrigeration systems, a glycol system, 37 dock-height doors, two ramps, 35-foot clear ceilings, a private 120-foot truck court, and 2,700 square feet of flexible office space.

Longpoint and Vivo will jointly build the project. In August 2022, a Longpoint subsidiary paid $16 million for the development site, a 6-acre former trailer park.


Source:  SFBJ


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Gateway At Wynwood Heads To Foreclosure

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Three years after completing Gateway at Wynwood, R&B Realty could lose the 14-story mixed-use building at a foreclosure sale set for next month.

On May 28, Miami-Dade Circuit Court Judge Pedro Echarte Jr. granted final judgment in favor of Wilmington Trust NA as trustee for Boise-based A10 Capital, court records show.

Two months ago, Wilmington Trust filed a foreclosure complaint against the R&B affiliate that owns Gateway at Wynwood at 2916 North Miami Avenue. The lawsuit alleges that New York-based R&B defaulted on two loans by failing to make monthly payments since December.

As of last week, R&B allegedly owes $111.9 million in principal, interest and fees, Echarte’s order states. Aron Rosenberg, R&B’s CEO, did not respond to an email request for comment, and attorneys for Wilmington Trust declined comment.

The foreclosure auction is set for July 2, court records show.

Gateway at Wynwood is among a handful of new office buildings with ground-floor retail that opened in the trendy neighborhood in recent years. When the 220,000-square-foot building was completed in 2021, R&B ramped up office and retail leasing at Gateway at Wynwood over the following year. The tenant roster includes tech start-up OpenStore, crypto company Ripple, brokerage Marcus & Millichap, biopharmaceutical company Veru, and coworking provider Mindspace.

But roughly 59,000 square feet, including the entire 12th floor, remains vacant. Its street-level ground-floor spaces are plastered with advertising to attract potential tenants.

The neighborhood, which is still going through a development boom that is adding thousands of new apartments, condo units and hotel rooms, has roughly 760,000 square feet of available office space, CoStar data shows. Nearly half of the available square footage is under construction, including a planned 12-story building with 250,000 square feet of office that is part of the Wynwood Plaza project adjacent to Gateway at Wynwood.


Source:  The Real Deal


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