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

cloud one hotel rendering-1509 and 1515 Washington Avenue_Photo Credit-Florida Yimby 1170x435

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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Construction Of Phase 2 Of Wynwood’s ‘Wyncatcher’ Project Set To Begin

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Berkadia has secured a $35 million loan to fund the construction of Phase II of Wyncatcher, a new 78,000-square-foot mixed-use creative space in the renowned Wynwood Arts District in Miami.

Managing Director Scott Wadler and Vice President Michael Basinski secured the financing on behalf of the sponsor, Morabito Properties, a Miami-based development firm led by Valerio Morabito.

The deal closed on May 29.

The project consists of two adjoining properties built in phases: Phase I, which was completed in Q4 2023 and consists of 38,400 square feet, is entirely leased to Knotel, a flexible workspace provider. Phase II will consist of 6,000 square feet of ground-floor retail space and 42,000 square feet of creative office space, slated for completion in Q2 2026.

BridgeInvest provided the floating-rate loan which will be used to pay off the existing construction loan on Phase I and fund construction on Phase II.

“Wynwood continues to fortify its reputation as a hub for innovative and creative companies,” said Wadler. “Morabito’s commitment to elegant design fits in perfectly with the ethos of this neighborhood and will ensure Wyncatcher is one of the most desirable creative office properties in the city.”

Located at 2143 Northwest 1 Avenue & 2150 Northwest Miami Court, the Wyncatcher is a high-design project by Morabito Properties involving internationally recognized architecture firm Arquitectónica, the trailblazing Vagabongarq team, and Portuguese artist Alexandre Farto, also known as Vhils.

Phase I features a two-story industrial-style building with restaurant space, a rooftop terrace, elegant double-height, black-frame windows, and a Vhils Studio designed carved concrete facade. Phase ll will be composed of an open-air covered car park, a private garden, large double-height white frame windows, high ceilings, and natural light. The space will be ideal for creative tenants with its open-format layout, and with abundant indoor and outdoor areas, will be conducive to hosting of large events and corporate gatherings.

The property affords convenient access to the Wynwood Arts District’s most notable restaurants, retailers, entertainment, and attractions like Wynwood Walls, Pastis, UNKWN, as well as Downtown/Brickell, Miami Beach, and Miami International Airport.

 

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Developer Proposes Wynwood’s Tallest Project At 48 Stories

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Bazbaz Development wants to build a 48-story apartment tower in Wynwood under the Live Local Act, marking the tallest project proposed for the Miami neighborhood.

The firm filed an application for a 544-unit project on a 1.5-acre assemblage at 2110, 2118 and 2134 North Miami Avenue, as well as 2101, 2129 and 2135 Northwest Miami Court, according to city records. Bazbaz Development, with offices in New York and Miami, is led by Sonny Bazbaz.

The 755,700-square-foot project would include 321 on-site parking spaces and eight off-site spaces.

The Wynwood Design Review Committee is expected to vote on the project at its meeting on Tuesday, including on requests to include fewer parking spaces than required.

The Live Local Act, a state law approved last year and tweaked this year, gives developers wiggle room on sites’ zoning in exchange for designating at least 40 percent of the units for households earning no more than 120 percent of the area median income. Under the legislation, developers can build up to the highest density allowed in a city and up to the tallest height allowed within a 1-mile radius of the development site.

Bazbaz’s proposal for 48 stories is less than the 60 stories they could build under Live Local, but it’s much higher than the 12-story maximum allowed in Wynwood, according to the application and Wynwood zoning records.

The proposal marks a switch from Bazbaz Development’s previous proposal for an eight-story building and a 12-story building with a total of 339 apartments, 25,653 square feet of retail and a 407-space parking garage. The Miami Urban Development Review Board greenlit the plan last year.

Bazbaz bought the development site in 2022 for $12 million, records show. The purchasing entity also ties to Isaac, Jacobo, Simon and John Bazbaz.

 

Source:  The Real Deal

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ABH Developer Group Breaks Ground On Two More Projects In Miami’s Wynwood Norte District

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On the heels of breaking ground on Casa Wyn and Wyn 05 in Miami’s Wynwood Norte district, ABH Developer Group has broken ground on two more projects in the heart of the district.

The first, Wyn Ave, located at 3332 NW 5th Ave., is a six-story mixed-use development featuring 44 apartments and 2,370 square feet of square feet of ground floor retail space.

The second, W35 located at 319 NW 35th St., is a five-story mixed-use development featuring 24 apartments and 2,500 square feet of ground floor office space.

MG3 serves as the general contractor for both projects. W35 is scheduled to be completed first in Q2 2025 with Wyn Ave following shortly thereafter in Q3 2025.

Designed by Modis, Wyn Ave seamlessly integrates a modern, urban design. The project offers a variety of studio, one- and two-bedroom layouts spanning from 423 to 874 square feet. Apartments include contemporary finishes, state-of-the-art kitchens and washer and dryer. Five retail spaces on the ground level will fuse the streetscape with vitality, among them of which is a prominent tenant to be announced in the near future. The building includes many desirable amenities including a rooftop pool deck, fitness center, garden, co-working spaces and electric car charging stations. With rents starting at $2,400, Wyn Ave is a rare opportunity for those seeking attainable rental options in a prime Miami location.

Also designed by Modis with a modern urban design, W35 offers move-in ready studios, one- and two-bedroom apartments ranging from 477 to 510 square feet. Units include high quality contemporary-style finishes, walk-in closets and washer and dryer. A rooftop terrace with a barbecue area and solarium provides an ideal setting for entertainment and relaxation with outdoor workspaces that deliver a serene environment for productivity. To promote eco-friendly transit, all residents will have access to complimentary on-demand electric scooters, fostering sustainable and convenient exploration of Wynwood, the Design District and Midtown.

“We’re thrilled to have reached these milestones and extend our appreciation to the community for their unwavering support,” stated Alexis Bogomolni, CEO of ABH Developer Group. “Wyn Ave and W35 are symbols of our dedication to sustainability and the creation of accessible living spaces in the dynamic Wynwood Norte District. Our vision is to help sculp the future of the Wynwood Norte community, enrich lifestyles, and contribute to the area’s vibrancy. We’re excited to get these developments off the ground and deliver beautiful projects to the area.”

 

Valentin Carbonell, COO of ABH Developer Group, added, “These two pivotal projects will help reshape the 5th Avenue corridor in Wynwood Norte. Surrounded by an array of dining options, nightlife and easy access, 5th Avenue is becoming a hub of convenience and culture in our community, and we’re pleased to be part of the neighborhood’s revitalization.”

The Wynwood Norte district is bordered by I-95 to the west and North Miami Avenue to the east, and Northwest 29th Street to the south and I-195 to the north. Given its walkability to many art, cultural and entertainment and dining destinations along with its recent zoning overhaul, the neighborhood is poised for significant development.

ABH has topped off construction on Wyn 05, a mixed-use rental community with 25 modern apartments and approximately 1,000 square feet of retail space, and is under construction on Casa Wyn, a 24-unit condominium, both in Miami’s Wynwood Norte district.

ABH Developer Group is the largest property owner in the Wynwood Norte District, having assembled a total of 180,000 square feet since 2021. The firm has 13 projects ranging from 24 to 150 units in various stages of development within the Wynwood Norte boundaries. Further north, ABH is nearing completion on Hollytown, a 24-unit townhome development in Hollywood, and construction is underway on Aire Residences, a luxury waterfront condominium in Bay Harbor Islands.

 

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i5 Wynwood Co-Living Community Reaches Completion With 215 Suites

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Hundreds of new residents are about to begin moving into a newly completed co-living building known as i5 Wynwood.

Leasing and move-ins for i5 Wynwood have now begun, according to a press release.

Residents will have their own private bedroom and ensuite bathroom, inside a 3 or 4 bedroom apartment. The living area and kitchen will be shared.

Prices start at $1580 per bedroom, assuming a 12-month lease with 2 promotional months added, the i5 leasing website says.

Arquitectonica is the architect, with interiors by Michael Wolk. Related Group and W5 Group are the developers.

 

Source:  The Next Miami

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Construction Progress At Wynhouse Miami

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Wynhouse Miami now has nearly all its glass installed.

Construction on the 8-story building began last summer. A top off ceremony was held in March.

Wynhouse is planned to include:

  • 308 rental residences
  • approximately 26,000 square feet of ground floor retail
  • nearly 25,000 square feet of indoor and outdoor amenities
  • 107 parking spaces

The development also includes two pedestrian paseos that will encourage residents and the public to engage with the building, community spaces and ground-floor retail.

A $117.5 million loan provided by JP Morgan Chase and affiliates of Canyon Partners is financing construction.

Nichols is the architect, with interior design of residences by ID & Design International and amenities by Rockwell Group. Fisher Brothers is the developer.

Substantial completion is expected in January 2025.

 

Source:  The Next Miami

 

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Wynwood Arcade Being Redesigned As Wynwood Jungle

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An old established building in the booming Wynwood Arts District is being reborn – again.

The former warehouse at 50 NW 24th St., first reborn as the Wynwood Arcade, is being repurposed once more into Bristol Republic at Wynwood Jungle.

The city’s Wynwood Design Review Committee has voted to recommend approval of the latest project, with several conditions.

In a letter to the city, architect Jorge Eduardo Gonzalez said the application proposed modifications to the north façade of the former Wynwood Arcade on Northwest 24th Street.

“The project involves adding an outdoor bar, a front kitchen, and integrating these elements with a proposed canopy structure designed to mimic the building’s existing façade,” wrote Mr. Gonzalez.

The latest design received unanimous support from the committee, recommending approval with a few conditions.

 

Source:  Miami Today

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94-Year-Old South Beach Hotel Targeted In Foreclosure

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A 94-year-old boutique hotel in Miami Beach may be taken over in a $3.17 million foreclosure action.

On April 30, Stormfield Capital Funding I LLC filed a foreclosure action against Mark McClure, the loan guarantor, and Oasis Hospitality Partners LLC. It is aimed at the 11-room, 4,689-square-foot motel located at 1018 Jefferson Ave. The parties to the lawsuit were confirmed by property data company Vizzda.

Developed on a 7,000-square-foot site, the boutique hotel was built in 1930 and is known as the SoBeYou Historic B & B Hotel.

 

Source:  SFBJ

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