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Developers Envision Pedestrian Paradise From Wynwood To The Design District

Developers are working to build up Midtown as a natural connection between Wynwood and the Design District_Photo Credit Bisnow 1170x435

As the warehouses of Wynwood give way to high-end apartments, developers are spreading their tendrils beyond the dense retail core and into neighborhoods that were all but ignored less than a decade ago.

“It’s almost like there was a memo that went out to all developers across the country: Spend a lot of money in Wynwood and Midtown,” said Ryan Shear, managing partner at Property Markets Group.  “And it’s happening, you’re watching it happen before your eyes.” 

The rapid growth of Wynwood in the last five years is spilling northward into Midtown as developers look to connect the city’s creative core with its luxury retail center of the Design District, tying together distinct neighborhoods into a unified hub of activity.

Developers from outside of Florida are especially interested in starting projects in Wynwood, Amanda Hertzler, executive managing director at the architecture firm MKDA, said at a Bisnow event Tuesday held at the Hyatt Regency Miami on the future of Wynwood, Midtown and the Design District.

The out-of-state firms are “looking at Wynwood specifically, not just South Florida but Wynwood specifically, as where they want to put shovels in the ground not just for one, not just for two but for multiple projects,” she said.

The interest extends beyond the confines of Wynwood, where developers in recent years have worked to transform what had been a neighborhood of low-rise industrial buildings into a creative hub and hospitality destination.

Midtown, north of Wynwood, is also drawing significant attention from developers who are looking to create a natural connection between the nightlife and hospitality that dominates Wynwood and the high-end shopping that defines the Design District.

“Wynwood has really pushed a walkable area,” Hertzler said. “What’s challenging is the walkable area does kind of stop at some point. The idea is to really connect the Design District to Midtown to Wynwood in a really pedestrian-friendly way and get cars off the street.” 

The push into the 18 blocks that make up Midtown has been decades in the making and is being shepherded along by a master plan that encourages the development of walkable streets, speakers at the event said.

Two decades ago, the neighborhood was a largely undeveloped industrial expanse known as the Buena Vista railyards. Florida East Coast Railway sold the property to Miami developer Michael Samuel and Joe Cayre, the chairman of New York-based Midtown Equities, who in turn sold half the land to Cleveland-based Developers Diversified Realty, The New York Times reported in 2009.

The real estate investment trust built the 470K SF Shops at Midtown, creating a nominal link between Wynwood and the Design District that is now being supercharged by a wave of recent development.

“In 2005, I was with a different group and we financed the Cayre family to buy the land in Midtown Miami,” said Greg Newman, senior managing director at Bank OZK, one of the most active lenders on developments in Miami. “Everybody in Miami, most of my developer clients, thought we were nuts. But sometimes it takes somebody outside the town to see the vision.” 

Miami-based Rosso Development is building The Standard Residences, Midtown Miami in the neighborhood. The 120-story condo building had 80% of its 228 units pre-sold as of October, when Bank OZK provided a $45M construction loan for the project.

Carlos Rosso, the firm’s founder and a former minority partner at Related  Group, said the neighborhood was beginning to realize its full potential under its master plan.

Midtown has a “design intent in the whole neighborhood that I don’t think we have anywhere else in Miami,” he said.

Generous sidewalk requirements that extend up to 20 feet wide, a focus on substantial tree cover to shade pedestrians from the South Florida sun and requirements that the ground floors of new developments must be at least 80% glass all help to promote foot traffic and street-level activations, he said.

“Northeast First Avenue, where The Standard is, has been designed from day one as a natural connection between the Design District and Wynwood,” Rosso said. “The whole street doesn’t have one loading dock, one garage entrance, you don’t smell trash, you’re always walking on a sidewalk that is always the same material.” 

He pointed to the June purchase by Terra Group, led by David Martin, and Lion Development Group of a 1.7-acre site at 3501 NE First Ave. for a planned condo project as further proof that the neighborhood was rising to meet the moment.

“When the Cayres bought Midtown, I think they paid something like $30M for the whole neighborhood,” he said. “David Martin just paid $40M for 1 acre.”

The neighborhood is being boosted by the success of the Design District, which itself is reaching the culmination of a decade-long redevelopment.

Dacra, led by billionaire Craig Robins, had been repositioning the district since 1998 before partnering with L Catterton, the private equity arm of LVMH and its CEO, Bernard Arnault, in 2010 to bring the firm’s luxury brands to the district.

The pandemic boosted Florida’s profile among the wealthy elite, propelling the Design District into Miami’s premiere luxury retail destination.

“We are getting tenants from the Design District inquiring about our retail spaces at The Standard,” Rosso said. “They say the people that are in the Design District, guess where they live? They live in Midtown.”

The master planning that developers credit with Midtown’s success is also playing out in Wynwood, which passed its own regulations in 2020 to promote pedestrian traffic.

“The common thread between Midtown and the Design District is that they both have streetscape master plans that were very intentional,” said Raymond Fort, vice president at Arquitectonica. “Wynwood also has a streetscape master plan, but it’s not controlled by a single entity. It’s up to the responsibility of each individual developer to build out their frontage.” 

Developers have been diligent in the implementation of the new design standards, Fort said, adding that the neighborhood has plans to create pedestrian-only streets as more projects get built.

“It’s not just the building that’s going to create the neighborhood, but the streetscape and the landscape as well,” he said.  

Hertzler said the regulations went into effect just as developers began amassing larger assemblages to build denser projects in the neighborhood, helping to promote designs that will make the neighborhood more navigable to pedestrians.

Her firm designed PMG’s Society Wynwood, a 318-unit apartment building at 176 NW 25th St. that is expected to open next month. A primary feature of the development is its paseo, a pedestrian walkway that cuts through the property and helps connect the neighborhood’s long blocks.

PMG’s project was one of the first large assemblages to begin construction when it broke ground in 2021, she said, but other developers have followed suit to design projects that will add paths crisscrossing the neighborhood.

“It creates this shaded, really interesting, meandering path through Wynwood,” she said. 

As Wynwood sees a burst of residential development, neighborhood officials also moved in 2020 to tackle Miami’s housing affordability issue. The Wynwood Business Improvement District created the Wynwood Public Benefit Trust Fund, which is financed by developers who pay into it in exchange for additional square footage at their sites.

Those funds can then be disbursed to developers who include workforce housing inside their projects, a scheme that Miami-based developers Black Salmon and LD&D embraced at their Wynwood Haus project at 23 NE 17th Terrace.

The 224-unit luxury apartment building, also financed with a construction loan from Bank OZK, has units set aside for tenants making between 100% and 140% of the area median income. Part of the lost income from what the units could be leased for at market rates are rebated back to the developer by Miami’s Omni Community Redevelopment Agency, said Diego Bonet, managing partner at LD&D.

Wynwood Haus opened its doors less than a month ago and is now 17% leased by around 45 tenants, most of whom are occupying the workforce-priced apartments, he said.

“Those units have been flying off the shelves, as you’d expect them to,” Bonet said. “Just knowing that we’ll have a base of the building that’s always rented de-risks the project to a certain extent. To us, it was really a win-win solution.” 

As more large-scale projects fill into Wynwood, the quiet Wynwood Norte neighborhood just north of the core and west of Midtown is also attracting developers eyeing smaller-scale projects.

PMG and Lndmrk Development spent $20M on a 1.1-acre assemblage in the neighborhood in October. Plans haven’t been announced for the site, but Shear said Tuesday that PMG was preparing to launch a condo project in the neighborhood during the second quarter.

Wynwood Norte has separate zoning from the rest of Wynwood that encourages the development of lower-density projects. These will become attractive relocation options for the boutique retailers that are being pushed out of Wynwood’s core or tenants looking for a smaller scale than Midtown.

“Wynwood Norte is smack in the middle of both these neighborhoods,” Shear said. “It’s already becoming one of the anchor neighborhoods that will connect both of these places.” 

 

Source:  Bisnow

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Construction Permits Filed For 186-Unit Wynwood Residential Development

Breakers Capital and Alchemy-ABR Investment Partners Wynwood Multifamily Project 1170x435

Another residential development has entered the construction permitting process in Wynwood.

The construction permit application is for a 12-story mixed-use building replacing a parking lot formerly owned by the Salvation Army.

The permit filing was first created in late November, with the full plans filed in late December. Review is currently underway by Miami’s Building Department.

Beauchamp Construction is listed as the contractor on the permit.

Miami’s Urban Development Review Board voted unanimously in October to approve the development without requiring any modifications.

The mixed-use development is planned to rise 12 stories and include:

  • 186 residential units
  • 9,444 square feet enclosed amenity space, plus outdoor amenity space
  • 14,618 square feet of ground floor retail space
  • 167 parking spaces on three levels

Breakers Capital and Alchemy-ABR Investment Partners of New York are the developers.

Arquitectonica is the architect.

 

Source:  The Next Miami

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ABH Developer Group Goes Vertical On Miami’s Wynwood Norte District Project

Wyn 05 Rendering 1_Photo Courtesy of ABH Developer Group 1170x435

ABH Developer Group, a rapidly growing, fully integrated real estate firm, has begun vertical construction on Wyn 05, a boutique four-story mixed-use development featuring 25 modern apartments and approximately 1,000 square feet of retail space at 3422 NW 5th Ave. in the burgeoning Wynwood Norte district. Completion is estimated for Q2 2024.

“We are thrilled to introduce Wyn 05 to this emerging neighborhood and contribute to the Wynwood Norte’s growth and vibrancy. Wyn 05 will offer tenants exquisite living spaces in an ideal urban environment that truly embodies the spirit of Miami,” stated Alexis Bogolmoni, CEO of ABH Developer Group.

Wyn 05 offers a range of studios and one-bedroom apartments with an average unit size of 525 square feet and a rooftop terrace offering stunning views of the city skyline. Wyn 05 will present a coveted opportunity for renters seeking affordable and flexible living options in a prime location.

Apartments feature modern Italian design. Guests will indulge in a fully equipped kitchen adorned with appliances from renowned brands and unwind in a den accentuated with elegant fixtures, complemented by spacious walk-in closets and an outdoor terrace, perfect for relaxation and entertainment.

Guests will enjoy Wyn 05’s convenient location surrounded by the city’s most desirable attractions. The project is situated between NW 34th Street and NW 35 Street along NW 5th Avenue, and adjacent to a plethora of art, cultural and entertainment and dining destinations including Wynwood Arts District, Miami Design District and Midtown Miami.

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.

 

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Real Estate Mogul Robert Finvarb Cos. Plans Hotel In Wynwood

Robert Finvarb's Proposed Wynwood Hotel_Rendering Credit MKDA 1170x435

On December 5, the Wynwood Design Review Committee will review designs for an 11,250-square-foot site located at 160 N.W. 28th St.

The parking lot was purchased in March for $6.7 million by Robert Finvarb‘s Miami-based company, 160 NW 28 St Associates LLC.

The hotel would have eight stories and total 45,770 square feet. It would have 116 rooms, a restaurant with 205 seats in 3,698 square feet on the mezzanine level, and a restaurant with 156 seats on the roof. Additionally, there would be 24 parking spots on the basement level, a gym on the second story, and a rooftop pool.

The sizes of the rooms would be 298 to 624 square feet.

Finvarb stated that the hotel will feature rooms that were full-sized, in contrast to the current Wynwood hotels that offer smaller rooms. For this project, he anticipates inking a branding agreement with a large hotel chain.

He hopes to break ground in Wynwood in the third or fourth quarter of 2024.

 

Source:  SFBJ

 

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PMG, Greybrook Begin Preleasing Society Wynwood Mixed-Use Project

Society Wynwood_Image Courtesy of Boardroom PR 1170x435

PMG and Greybrook have begun preleasing at Society Wynwood, a mixed-use development underway at 2431 N.W. 2nd Ave. in Miami’s Wynwood district.

The property will include 318 residential units and 50,210 square feet of commercial space that will include announced tenants Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama De Fogo and Nacho Daddy.

Amenities at Society Wynwood will include a rooftop pool deck featuring a gym, full-service restaurant and hot tub. Other amenities, which will total 82,000 square feet, include multiple art installations, a coworking lab with private conference rooms, modern gym and fitness studio, a picnic courtyard, social lounges, yoga lawn, smart package lockers and app-based keys.

Society Wynwood will be Miami-based PMG’s first Miami project delivered to residents under the Society Living brand portfolio. First move-ins are slated to begin in February 2024. Rental rates will range from $ 1,830 to $5,525 per month, according to Apartments.com.

 

Source:  RE Business

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New York’s Rosemary’s To Open In Wynwood Industrial Building

casa nela rendering 1170x435

Another New York restaurant is coming to Miami — this time, it’s Rosemary’s, a casual Italian concept from the West Village in New York.

The group behind the restaurant, Casa Nela, filed a proposal to renovate a vacant industrial building in Wynwood, at 310 NW 25th Street, adjacent to SW 3rd Street, to make way for Rosemary’s.

 

Source:  Commercial Observer

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Wynwood BID Recertified For An Additional 10 Years

Whale & Star Building In Wynwood 1170x435

Property owners in the decade old Wynwood BID recently voted resoundingly to approve its continuation for a second 10 years, through 2033.

The largest one-of-its-kind in Florida, the BID covers a 50-city-block neighborhood that has experienced an exciting transformation, taking it from an abandoned industrial zone to a bustling arts and nightlife destination.

More recently, Wynwood has become a desirable location for new office and residential developments, and now, major new hotels from the world-renowned Arlo brand and the soon-to-be-launched Moxy by Marriott. The approximately 400-plus property owners within the Wynwood BID’s boundaries signed affidavits supporting its renewal, with about 60 percent voting in favor. The final step was when the City of Miami Commission and Mayor Francis Suarez officially voted to approve the continuation of the BID at their Oct. 26 meeting.

“This recertification is a victory for our neighborhood, our residents, our businesses and our visitors,” said Manny Gonzalez, long-time executive director of the Wynwood Business Improvement District. “Our goal is to have another successful decade of embracing change like urban planning and landscape design while also working to maintain Wynwood’s place as an appealing cultural destination and creative center.”

During the past decade, Wynwood has experienced an exponential increase in visitors, with the number rising from 240,000 in 2013 to a staggering 15 million annually in 2023. Today, Wynwood supports 5,000 new jobs and generates more than 20 percent of the City of Miami’s parking transactions.

In partnership with the City of Miami Planning Department and Plusurbia, the Wynwood BID developed Miami’s first Neighborhood Revitalization District (NRD) plan to maintain the neighborhood’s distinctive street art and industrial feel, while encouraging a 24-hour community for live, work and play lifestyles. The BID has accomplished significant successes through its partnership with the City of Miami Police Department, resulting in a 60 percent reduction in crime. Additionally, the BID has made a substantial contribution of $3.5 million towards Wynwood Works, a program aimed at developing 5,000 micro units of affordable housing, and invested $1 million towards office development in the area.

The BID has also created a Clean Team to remove trash and debris daily to maintain a clean and attractive neighborhood. These notable achievements have garnered national recognition for the BID in the past decade, with awards such as being one of the greatest neighborhoods in America and being recognized for its Economic Development Planning by the American Planning Association (APA)

In the arts, Wynwood continues to thrive and be the home of the iconic Wynwood Walls, Museum of Graffiti, Margulies Collection, Mana Wynwood, Gary Nader Art Centre, recently opened Paradox Museum, and many more.

The neighborhood remains a center for over 3,000 units of unique retail, restaurant and nightlife businesses, including Zak the Baker, Oasis Wynwood, 1-800-Lucky, Gramps and UNKNWN. Annual special events such as Miami Art Week, Miami Music Week and Wynwood Pride fill the community with pedestrian traffic and excitement.

 

Source:  Community Newspapers

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Moon Thai Wants To Build 3-Story Restaurant In Wynwood

Moon Thai's Proposed 3 Story Restaurant In Wynwood_1170x435

 

 

The South Florida-based restaurant company Moon Thai & Japanese is entering the Wynwood development scene.

The firm that created the Asian idea, Moon Thai Group, filed plans to construct a three-story restaurant on a quarter-acre lot at 82 NW 28th Street. The property is across the street from the residential developments Wynwood 29 and Wynwood Green by Related Group and Lennar.

Plans call for 33 tables on the ground floor, 17 tables on the third and fourth floors, and 10 tables on the rooftop of the 350-seat restaurant. What would be kept on the second floor is not specified in the application.

Parking would not be available in the structure because it is not necessary for parcels smaller than 20,000 square feet. Every day of the week, the restaurant would be open till two in the morning.

Property records show that the Coral Gables-based chain paid $6 million in 2021 to purchase the lot. It had submitted a plan for a five-story restaurant back in September.

Twenty-three years ago, Moon Thai’s first branch in Coral Gables was launched by chef and founder Jack Punma, who is originally from Bangkok. With pad thai and tuna sushi rolls priced at $14 each, this informal restaurant has expanded to eight locations in South Florida and one in Charlotte, North Carolina.

The plan will be discussed by the Wynwood Design Review Committee on Tuesday.

 

Source:  Commercial Observer

 

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Wynwood Project To Include 54 Small Housing Units

Alchemy-ABR-BCP Wynwood LLC's 12-Story Project At 18 NW 23rd St. 1170x435

The booming Wynwood Arts District is preparing to welcome yet another mixed-use residential development with ground floor retail.

Owner-developer Alchemy-ABR-BCP Wynwood LLC plans the 12-story project at 18 NW 23rd St.

The development is to become home to 178 residential units, 13,498 square feet of retail uses, and parking for 183 vehicles.

The City of Miami’s Urban Development Review Board is recommending approval of the project.

The site is bounded by Northwest 23rd Street on the north, Northwest Miami Court to the west, Northwest 22nd Street to the south, and North Miami Avenue on the east.

According to the attorney representing the developer, the property is within the Neighborhood Revitalization District (NRD-1), the intent of which is to facilitate Wynwood’s transition from an industrial district to an active, diverse, mixed-use neighborhood.

He said to accommodate 178 residential units, the owner-developer intends to utilize the Wynwood Transfer of Development Density Program.

In particular, the project will utilize the Affordable Housing Payout option, which allows for a 50% density increase subject to a cash contribution to the Wynwood Public Benefits Trust Fund.

The 54 bonus units provided will each be less than 650 square feet, as required, he said.

The developer is requesting waivers to the Miami 21 zoning code, which would allow:

  • A 30% parking reduction, for property near a public transit corridor.
  • Parking within the mezzanine level. This parking level will be masked with the required art treatment for 100% of the impacted area of the façade.
  • A 10% increase in lot coverage, for the first through eighth stories. This waiver will allow for the lot coverage of 87.71%, up from the base permitted lot coverage of 80%.
  • Reduction in drive aisle width.
  • A 10% increase in floorplate area above eighth story.
  • A 10% increase in rooftop enclosed area. This waiver will allow for an increase from 20% to 22% of the rooftop to be enclosed space. The project includes a 3,812-square-foot enclosed rooftop area, which will accommodate resident amenity space as well as back-of-house functions.
  • Parking in the second layer on primary frontage, and the secondary frontage, and all of this parking area will be masked by the required art treatment.

Arquitectonica is the architect.

The motion to recommend approval of the project passed unanimously.

 

Source:  Miami Today

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Securities Exchange Company Takes 38,000 Square Feet In Wynwood

545 wyn_photo courtesy of artista internacional 1010 1170x435

A freshly constructed Class A office complex in Wynwood will be occupied by a securities exchange company headquartered in Miami.

A recent office report from the brokerage Avison Young states that MIAX, commonly known as Miami International Securities Exchange, has closed on a 38,409-square-foot lease at 545 N.W. 26th St. at 545wyn.

MIAX is a global exchange for equities, equity options, and commodities.

An affiliate of Miami International Holdings, M7 Holdings, recently acquired the cryptocurrency derivatives platform LedgerX from a bankrupt FTX, founded by now convicted felon Sam Bankman-Fried, for $50 million.

Miami International Holdings also announced on October 17 that it plans to introduce MIAX Sapphire, a fourth options exchange platform headquartered in Miami. Miami International Holdings claimed in a release that MIAX Sapphire is anticipated to launch in the second quarter of 2024, “followed by the opening of a physical trading floor in Miami, Florida in the second half of 2024,” pending permission by the Federal Securities and Exchange Commission. It was not disclosed where that trade floor was located.

 

Source:  SFBJ

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