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Wynwood Walls Creator, Developer Partner On Hotel, Condo Building

The Whale & Star building in Miami’s Wynwood Arts District could be redeveloped into a mixed-use project featuring a hotel, condos and commercial space.

The city’s Wynwood Design Review Committee will consider plans for the 37,822-square-foot site at 2215-2237 NW First Place, 175 NW 22nd St. and 170 NW 23rd St. on Sept. 10. It currently has 27,406 square feet of commercial buildings, which would be demolished.

The applicant, Miami-based Whale & Star Wynwood Owner LLC, acquired the property for $24 million in 2023.

Under the proposal, the eight-story building would total 246,307 square feet and feature 214 hotel rooms, 87 condo units, 11,350 square feet of commercial space and 87 parking spaces.

That would include 8,935 square feet of ground-floor commercial space, with the rest comprising a rooftop restaurant and bar. The roof would also feature a pool and a gym. On floors three through five, the hotel rooms would range from 223 to 425 square feet. The condos, on floors six through eight, would range from 406-square-foot studios to 1,592-square-foot loft-style units with up to three bedrooms and mezzanine decks.

Local attorney Steve Wernick, who represents the developer in the application, said the hotel component would be branded and operated by Cloud One Hotels. The condo residents would also receive hotel services and share in the hotel amenities, he added.

The developer is seeking several waivers, including to increase maximum lot coverage, reduce parking by 30% and allow parking on the mezzanine level.

 

Source:  SFBJ

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8-Story Office Building Planned For Wynwood Arts District To Break Ground

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Lombardi Properties will soon break ground on an eight-story office building in Miami’s Wynwood Arts District. Lombardi obtained a $12 million construction loan from Amerant Bank.

Plans call for starting construction on the Doris within the next month and a half and completing it in about 16 months. By His Grace Construction will be the general contractor.

The Doris will have 27,000 square feet of office space and 1,800 square feet of retail space, but there will be no on-site parking.

The project is reported to include small spec suites under 2,000 square feet. The suites will include kitchenettes, two private offices, a private bathroom and a terrace. The Doris will have 14 suites.

Miami-based Deforma Studio designed the Doris.

 

Source:  Connect CRE

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Berkadia Lends $59M For Rockpoint’s Mixed-Use Wynwood Building

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Rockpoint secured $58.9 million from Berkadia for a 603,516-square-foot mixed-use building in Miami’s Wynwood neighborhood, property records show.

The balloon loan covers the Strata, which features 257 apartments, 60,300 square feet of creative office space, 27,040 square feet of ground-floor retail and 474 parking spaces. The eight-story building sits just south of the Oasis mixed-use development at 2201 North Miami Avenue.

 

Source: Commercial Observer

 

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PMG, Greybrook Secure $178M Refi On Society Wynwood

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PMG and Greybrook secured $178 million to refinance a newly completed co-living property in Miami’s Wynwood neighborhood, the joint venture announced Monday.

The financing from funds managed by Ares Management (ARES) and Monarch Alternative Capital covers Society Wynwood, a 10-story building with 318 units, 82,000 square feet of amenities — including a gym, a rooftop pool and shared offices — and 17,000 square feet of commercial space.

Since the project’s completion, Miami-based developer PMG and Greybrook, a Canadian private equity firm, have offered up to two months of free rent and — at least this month — $1,000 for moving costs.

Three years ago, the joint venture nabbed a $142 million construction loan from Pacific Western Bank and Square Mile Capital Management to build Society Wynwood. Two years before that, it purchased the 14,905-square-foot site at 2431 Northwest Second Avenue for $24.5 million, according to property records.

This year, PMG and Greybrook sold most of the retail component — 32,000 square feet on the ground floor — to Ben Mandell’s Tricera CapitalAlex Karakhanian’s Lndmrk Development and Michael Simkins Lion Development Group for $22.5 million.

Tenants include StarbucksNacho DaddyChama De Fogo Brazilian Steakhouse and I Scream Gelato. All have yet to open.

Eastdil Secured arranged the recent refinancing. Randy Barcelo from Stearns Weaver Miller represented PMG.

 

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Wynwood Project Sets Aside Units As Affordable Housing

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New workforce housing is coming to the Wynwood neighborhood of Miami.

A project called The Wyn Mood C is planned as a four-story building offering 72 apartments, with 20% of the units reserved as workforce housing.

Owner-developer Wyn 107 Development LLC plans the new building of about 53,401 square feet at 107 NW 31st St.

The city’s Urban Development Review Board recommended approval with two conditions: Relocate the building’s signage closer to the entrance, and integrate the roof canopy structures and their supporting columns.

The project is designed by Modis Architects.

The site consists of a total of 21,450 square feet (0.49 acres) and now holds three one-story residences that are to be demolished.

The developer is requesting waivers to the zoning code to allow:

  • A 10% increase in required lot area from a 20,000 square feet maximum to 22,000 square feet, due to the nature and size of the lots.
  • Additional lot coverage up to 80% for a building that is four stories and provides affordable and workforce housing. The applicant is requesting an increase in lot coverage from 60% to 76% by providing 15 units proposed as affordable housing.
  • Reducing the parking ratio up to 30% within a Transit Oriented Development (TOD) area or within a transit corridor.

Along with a rooftop swimming pool with seating, trellises, restrooms and other amenities, the building is to have 38 parking spaces.

The vote recommending approval was unanimous.

 

Source:  Miami Today

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Zach Vella Buys Four-Property Portfolio In Wynwood

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Zach Vella is boosting his reach in Miami after acquiring a four-building portfolio in Wynwood.

An affiliate of Vella’s Los Angeles-based real estate investment firm bought a restaurant currently leased to Barteco at 282-292 Northwest 25th Street and an empty space previously leased to Dogfish Head Brewery at 325-339 Northwest 24th Street, according to Tony Arellano and Devlin Marinoff with Dwntwn Realty Advisors, who brokered the transaction.

Vella Group paid $12.3 million for the four buildings combined into two storefronts, Arellano said. An affiliate of New York-based East End Capital listed the property last year with an asking price of $14.9 million, according to an offering, indicating the buyer scored a discount of around 17 percent.

The buyer also obtained an $8.2 million fixed-rate mortgage from Seattle-based Fairview Asset Management, said Jame Murad with New York-based Ripco Real Estate. Murad and Ripco’s Adam Hakim arranged the financing.

“It’s a great asset on one of the best blocks in Wynwood,” Murad said. “The borrower has a great business plan. There’s a ton of new development going on in Wynwood so there’s a lot of upside in the market.” 

East End bought the properties as part of a larger portfolio acquisition for $23.5 million in 2014, records show. Three years later, it sold the four buildings to another East End affiliate for $5.2 million.

In 2023, the portfolio generated a net cash flow of $545,327 that is expected to grow by 12 percent in the 10th year of the new ownership to $1.8 million once the vacant storefront is leased to a new tenant, according to the offering.

The site is approved for a small building with 23 residential units or 26 hotel rooms. The new owner could also develop a new office building, per the offering.

 

Source:  The Real Deal

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Block Capital Buys Into Diesel Wynwood Project, Plans Relaunch

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The Miculitzki family’s Block Capital Group bought into Diesel Wynwood, Bel Invest Group’s planned branded condominium project in the trendy Miami neighborhood.

Wynwood-based Block Capital is taking the lead on the development, according to sources. Bel-Invest Group, led by CEO Maximilian Beltrame, remains a partner. Block Capital plans to relaunch the project by November, said Gaston Miculitzki, a spokesperson for the family and commercial director at Wynwood-based BM2 Realty. BM2 is handling sales and marketing in-house.

It will mark the second re-launch for Diesel Wynwood since plans for the 159-unit project at 148 Northwest 28th Street were revealed in 2019. Bel-Invest, an international development firm based in Vicenza, Italy, originally planned to kick off sales after Art Basel Miami Beach in 2019, but delayed the timeline because of the pandemic. It launched sales in 2021.

 

Source:  The Real Deal

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Clothing Manufacturer/Retailer Moves Headquarters From Midwest To Wynwood

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A sun protection apparel manufacturer just moved its corporate office to Miami’s Wynwood Arts District from downtown Minneapolis.

The firm, Coolibar, announced on July 2 that they now occupies the whole third floor of the Wynwood Annex Building at 215 N.W. 24th St.

About 45 people work in the 8,200-square-foot office, said Robert Burns, Coolibar’s public relations and events manager. The office serves as a base for Coolibar’s e-commerce, finance, marketing, HR, sales, customer support and product design teams, he added.

After more than 20 years in Minneapolis, Coolibar moved to Miami because “being in the Sunshine State allows us to design and, more importantly, test [our] products year round,” said Chief Brand Officer Sebastien Ozanne.

 

Source:  SFBJ

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Hidrock And Robert Finvarb Use Live Local Act To Propose 39-Story Rental In Wynwood

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Another set of developers are shooting their shot to build tall in Miami’s Wynwood neighborhood, using the Live Local Act, a Florida law that grants developers density hikes in return for designating a portion of apartments as workforce housing.

Hidrock Properties and Robert Finvarb Companies together filed plans to build a 39-story building with 336 rental units at 2534 North Miami Avenue, between Northeast 25th and 26th streets. In 2021, New York-based Hidrock Properties purchased the half-acre site for $13 million, according to property records.

In accordance with state law that was passed in 2023, 40 percent of residences will be affordable for people earning no more than 120 percent of the area’s median income. Developers can build up to the height of any building within a one-mile radius if the affordability requirement is met.

According to the proposal, the Arquitectonica-designed project is 21 stories shorter than the maximum height. The 436,934-square-foot development would also house 7,781 square feet of commercial space and 326 parking spots.

The Wynwood Design Review Committee will hear the application July 16. The lawyer representing the joint venture, Brian A. Dombrowski of Greenberg Traurig, did not immediately respond to a request for comment.

 

Source:  Commercial Observer

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Wynwood Office Owner Files For Bankruptcy To Stop Foreclosure

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The owners of the Gateway at Wynwood office building and a neighboring bank office filed Chapter 11 reorganization one day before their properties were to be taken away by a foreclosure auction.

Based in Valley Stream, Long Island, The Gateway at Wynwood LLC and 2830 Wynwood Properties filed Chapter 11 petitions in U.S. Bankruptcy Court for the Eastern District of New York on July 1. In his capacity as both firms’ chief restructuring officer, David Goldwasser signed the petitions.

In the declaration, Goldwasser stated that in 2020, the developers triumphed against a “wholly unexpected cyberattack” in which a $3 million payment to the general contractor was misdirected and pilfered by cybercriminals. He said that although the debtors are pursuing claims to recoup that money, the scenario caused it to lose important cash liquidity.

In June, Wilmington Trust, as part of a commercial mortgage-backed securities (CMBS) trust, won a $111.9 million foreclosure judgment against Gateway at Wynwood LLC and 2830 Wynwood Properties over a mortgage with $101.7 million in principal outstanding, plus interest and fees. The 14-story office building at 2916 N. Miami Ave. and the 5,187-square-foot bank branch at 2830 N. Miami Ave. were slated for court auction July 2. That auction was canceled due to the bankruptcy filing.

However, on June 27, the CMBS trust assigned its right to bid through the final judgment at auction to 2916-2994 Gateway LLC, managed by Trevor Smith of CIRE Real Estate Advisors in San Diego.

 

Source:  SFBJ

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