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Wynwood Just Got A Little More Vibrant

the gateway at wynwood_mural 3As the The Gateway at Wynwood building nears completion, the long-awaited exterior garage cladding, which depicts a vibrant mural, has been fully installed just in time for Art Basel next month. Additionally, the rooftop deck has been completed and signage is going up around the building.

The Class A office building, developed by R&B Realty Group and designed by renowned Miami architect Kobi Karp, has helped turn Wynwood into a mini-city.

The office building, which found inspiration in Wynwood’s innovative spirit and modern vibe, will allow Wynwood’s new residents to walk to their offices and shops without having to get in their cars. Wynwood, which used to be home to neglected warehouses, is seeing a construction boom of condos and apartments and, now, office buildings as well.

The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space at the intersection of Wynwood and Midtown. This summer, R&B Realty Group announced the building’s first office lease signed with biotech company Veru Inc. The eight-year, 12,155-square-foot lease will serve as the company’s global headquarters and triple Veru’s current office space.

 

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Large Mixed-Use Project Makes Big Changes To Win OK In Wynwood

The development team behind one of the largest mixed-use residential and office projects to rise in Wynwood continues to work with the City of Miami Planning Department staff and is confident of final approval.

Owner-developers L&L Holding Co. and Carpe Real Estate Partners are behind The Wynwood Plaza, formerly 29N, which is to rise at 95 NW 29th St.

At its October meeting, the city’s Urban Development Review Board voted to recommend denial of the project to the planning director, citing continued concerns mainly over the massing of the project.

Undaunted by the vote, the development team says it is continuing to work closely with the city staff to address the remaining concerns.

Attorney Steve Wernick, representing the owner-developers, noted that the team already changed the plan to address concerns the board raised in August: worries about the massing along 30th Street and a cross-block passage vehicular access on Northwest 29th Street.

The curb cut for the one-way vehicle entry on 29th Street has been refined with a smaller footprint, said Mr. Wernick.

“We’ve moved some functions into the garage so cars are not queuing in that space,” he said.

The midblock access will be limited to visitor vehicles managed by a valet.

As for the massing on 30th Street, Mr. Wernick said, “We’re working with staff now to introduce an additional element into the façade; it will visually break up the building.”

Designed by architectural firm Gensler, The Wynwood Plaza would bring 12- and 8-story buildings with 509 apartments to the neighborhood, 266,000 square feet of offices, 32,000 square feet of commercial-retail uses, and parking for about 668 vehicles.

“We look forward to continuing our constructive dialogue with the Miami Planning Department and hope to secure final approvals in the near future,” said Adam Metzger, principal and senior vice president of L&L Holding, in an email to Miami Today.

“Since agreeing to acquire the three-acre development site for The Wynwood Plaza just over a year ago, we have been working diligently to produce a design and program that will complement and significantly enhance the dynamic community that surrounds us.

“We greatly appreciate the feedback we have received from a number of important groups, including the Wynwood Design Review Committee, the Wynwood Community Enhancement Association and the city’s Urban Design Review Board.

“The design choices we have made as a result of our conversations have resulted in significant improvements to The Wynwood Plaza’s architecture, pedestrian realm and public outdoor spaces – all of which will benefit residents of the surrounding neighborhood for decades to come,” wrote Mr. Metzger.

He said they remain on target to start initial demolition work early next year.

Mr. Metzger added, “The project is already generating tremendous excitement. We are currently in active discussions for approximately one-third of The Wynwood Plaza’s proposed office space with a number of prospective tenants, which would bring hundreds of new jobs to Miami.”

The project would provide about 25,000 square feet for a ground floor public plaza connected by paseo to the north, south and west.

There would also be about 30,000 square feet of programmable rooftops.

In an Oct. 6 letter to the city, Mr. Wernick pointed out another change to enhance the pedestrian experience.

“The north façade has been modified in multiple ways that elevate and accentuate the paseo entrance. The ceiling height for the 30th Street paseo entrance has been increased from 12 feet to a new 22 feet datum, intentionally creating a more inviting and expansive entry point to the Project from the Wynwood Norte neighborhood into the central plaza and maintaining connectivity through to NW 29th Street.

“The portal width is being maintained at 60 [feet] in width, which is significantly wider than the 10 [feet] minimum dimension required for a cross-block paseo in the NRD-2 and wider than a standard city of Miami right of way, and is pedestrian-only, asserting the importance of the cross-block feature to the Project,” said Mr. Wernick.

“The 30th Street paseo entrance is now adorned with murals on the ceiling and exterior walls above the storefronts to create an immersive art experience … The portal entry is further strengthened by a canopy projection to orient the pedestrian towards the portal and provide additional articulation on the north façade,” he wrote.

The Wynwood Plaza is being described as a modern office tower and a highly-amenitized residential rental building, along with an array of indoor and outdoor dining and retail options.

 

Source:  Miami Today

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Miami Board Rejects Design For Massive Wynwood Mixed-Use Project

It looks like it is back to the drawing board for the developers of a massive, nearly 1 million-square-foot, mixed-use project in Miami’s Wynwood.

L&L Holding Company and Carpe Real Estate Partners were dealt a setback on Wednesday, when the Miami Urban Development Review Board voted 4 to 0 to reject its proposed design for N29, an office, retail, and apartment complex.

The ruling is technically advice for Miami Planning Director Cesar Garcia-Pons, who has the ultimate say on approving the project’s design. However, UDRB member Dean Lewis told The Real Deal that the board’s recommendations are taken very seriously by planning staff.

The New York-based developers want to construct N29 on an assemblage of land at 31-95 Northwest 29th Street, 2925 Northwest First Avenue and 40-94 Northwest 30th Street in Miami.

L&L Holding Company and Carpe Real Estate are under contract to buy all of the properties, most of which are owned by the Rubell Family Collection.

The development site also abuts the 220,000-square-foot Gateway at Wynwood project.

N29 is planned to total 960,870 square feet, and range between eight and 12 stories tall. The project is proposed to include 200,000 square feet of office space, 523 residential units, 26,372 square feet of retail, 668 parking spaces, and 670 bicycle parking slots. It will also have a 22,000-square-foot, ground-floor public plaza and about 30,000 square feet of programmable space.

David Weitz, co-founder of Carpe Real Estate Partners, said the design of N29 drew “a lot of inspiration” from Oasis Wynwood, an office and retail project Carpe developed at 2335 North Miami Avenue. Weitz said that what makes Oasis unique is its large 30,000-square-foot courtyard.

While N29 already received the backing of the Wynwood Business Improvement District’s Design Review Committee in July, the project review at the UDRB was delayed in August after board members objected to the proposed building’s massing along 30th Street.

The Gensler architecture firm, which is designing the project, attempted to solve this problem by adding a 40-foot-wide paseo entrance on 30th Street and other artistic design elements.

But in the meeting on Wednesday, Ignacio Permuy, chairman of the UDRB, said the project still resembles a wall along Northwest 30th Street. “This is a huge massing that is 100 feet high and 400 feet long, and it is not being broken up,” Permuy said.

This isn’t the case along Northwest 29th Street, Permuy said. “You did a terrific job articulating and breaking up the massing and inviting the pedestrians,” he added.

Board member Robert Behar pushed for a vote to reject the current design.

“I cannot believe that there was an attempt to do what was requested,” Behar said. “That is the bottom line.”

 

Source:  The Real Deal

 

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Rilea, Promanas Buy Wynwood Dev Site, Plan Short-Term Rentals

A short-term rental project with 127 units is coming to Miami’s Wynwood neighborhood.

Developers Rilea Group and Promanas Group bought the site on the southwest corner of Northeast 29th Street and the Florida East Coast Railway tracks for $12.2 million, with plans to build The Rider, according to a release from Rilea and Promanas.

The properties at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street total 0.6 acres, records show. Seller 101 NE 28 St LLC ties to Jeffrey Miller of Krillion Ventures.

Alfredo Riascos and Yonatan Missika of Gridline Properties represented the buyers. Liana Rivera of LLV Realty represented the seller.

The area still lacks hotels, which prompted the developers to build a short-term rental project, Rilea’s Diego Ojeda said in a release.

Plans call for a 12-story project with 8,500 square feet of ground-floor retail, a rooftop restaurant and a pool bar, according to the release. Construction is expected to start in 2023.

Units at The Rider, near a planned passenger commuter train station, will be rented through short-term rental sites such as Airbnb and VRBO, according to the release.

 

Source:  The Real Deal

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Psychedelic Therapy Clinic To Open First Florida Site In Wynwood

Field Trip Health, a psychedelic therapy company, picked one of Miami’s trippiest neighborhoods for its first location in Florida. The Toronto-based company plans to open in Wynwood.

Field Trip inked a lease for a 7,500-square-foot space at The Wynwood Annex, an office building that the Related Group and East End Capital built at 215 Northwest 24th Street, said Jonathon Yormak, who leads East End Capital. The eight-story, 65,000-square-foot building was completed more than three years ago and is now fully leased.

Field Trip is part of a wave of new psychedelic therapy companies that have raised tens of millions of dollars to invest in the treatment of depression and post traumatic stress disorder with drugs such as ketamine. Ketamine is the only hallucinogenic that’s currently legal for patients outside of a clinical study in the U.S., the New York Times reported.

Two bills proposed in the Florida Legislature would direct the Florida Department of Health and the state’s board of medicine to study the efficacy of ketamine, MDMA and psilocybin, the Daytona Beach News-Journal reported last week. Oregon was the first state to legalize the therapeutic use of psilocybin, the substance found in magic mushrooms. Other cities and states have decriminalized the drug or are considering similar legislation.

Field Trip has locations in New York, Toronto, Los Angeles, Chicago, Atlanta, Houston, Seattle, Amsterdam and Fredericton, Canada, according to its website. Forbes reported in July that Field Trip plans to have 20 clinics by the end of this year and 75 by 2024.

Yormak said Field Trip has been interested in the Miami market, and the company approached the developers to lease a space at the Annex. Other tenants in the building include venture capital firms Founders Fund and Atomic; Live Nation; and e-commerce company OpenStore.

Tony Arellano of Dwntwn Realty Advisors represented the landlord in the majority of leases at the Annex, including Field Trip. Miles Glascock at JLL represented Field Trip.

Modified gross rents have exceeded $62 per square foot, Yormak said.

The Annex is reportedly on the market. Yormak said that the partnership has not made a decision whether to sell, but confirmed that potential buyers have made offers to acquire the property.

 

 

Source:  The Real Deal

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David Edelstein, Related And Partners Plan Resi Project On Former RedSky Property In Wynwood

David Edelstein’s TriStar Capital, Related Group, Alex Karakhanian’s Lndmrk Development and Tricera Capital paid $26.5 million for a development site where they plan to build a residential project.

Chinese firm Seven Valleys, led by real estate moguls Zhang Xin and Pan Shiyi, sold the nearly 1.3-acre property anchored at 2700 Northwest Second Avenue in Miami’s Wynwood neighborhood. Seven Valleys had been the lender for the property, which previously belonged to RedSky Capital and JZ Capital Partners, whose planned developments never came to fruition.

TriStar and its partners plan to build “well over” 300 residential units on the site, Edelstein told The Real Deal. They could break ground in about 10 months, he said. The venture secured a roughly $20 million loan from Comerica Bank.

Edelstein said the market for new development in Wynwood is “on fire” and that there is very little undeveloped land left.

The development site sold at a loss compared to its $31 million sale to RedSky and JZ in 2016. The previous owner, Wynwood pioneer Goldman Properties, had planned a mixed-use development with 72 residences, 68 hotel rooms, about 11,000 square feet of ground floor retail and 47,000 square feet of offices.

In Wynwood, Related, Karakhanian and Tricera are partnering to develop another project, called the Dorsey Wynwood, at 2801 Northwest Third Avenue. They broke ground earlier this year. The project will have more than 300 rental apartments, commercial space, office space and amenities.

 

Source:  The Real Deal

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Global Consulting Frim To Expand In Miami’s Wynwood, Hire Hundreds

Slalom, a $2.4 billion global consulting firm, will expand its Miami presence with a new office in Wynwood.

Seattle-based Slalom signed an 8,000-square-foot lease in the 545wyn office tower, recently built by Sterling Bay. After entering South Florida with temporary space in 2019, Slalom has grown to 50 employees here. It aims to hire several hundred more employees.

“Unlike typical consulting firms, Slalom consultants live in and are committed to the cities in which we work,” said Beau Williamson, general manager at Slalom. “We’re proud of our commitment not only to this premier office space in Wynwood, but also to the people of Miami as we hire locally to build out our business and create a positive impact on this community.”

 

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Iconic New York Eatery Joe’s Pizza To Open First Miami Location In Wynwood

DWNTWN Realty Advisors Co-Founder and Managing Partner Tony Arellano and Executive Joe Fernandez are curating one of Wynwood’s signature buildings with a compelling mix of tenants. In the latest example, the brokers represented Wynwood 25’s owners in a long-term lease with New York staple Joe’s Pizza.

Joe’s Pizza, the family owned and operated “Greenwich Village institution” since 1975, is set to open its first Miami location at Wynwood 25. The 1,758-square-foot eatery is scheduled to debut in spring 2022. It joins the award-winning Japanese restaurant Uchi Miami, Danny Meyer-backed Salt & Straw, Bartaco and Dogfish Head Miami as notable Wynwood 25 food-and-beverage tenants.

Wynwood 25 has 289 apartment units and about 30,000 square feet of retail and restaurant space.

“We are thrilled to play a pivotal role in Wynwood becoming one of Miami’s top food-and-beverage submarkets, in terms of both sales metrics and brand recognition,” Arellano said. “Demand from New York operators like Joe’s Pizza is at historically high levels. Wynwood 25, with its turnkey ground-floor restaurant space and proximity to thousands of residents, professionals and visitors, was a perfect option for Joe’s inaugural Miami location.”

Jared Robins, Founder of INHOUSE COMMERCIAL – a Miami-based firm launched in 2021 and focusing on retail leasing in South Florida, and John Ellis, Managing Director of Newmark, represented Joe’s Pizza in the Wynwood 25 lease.

Joe’s Pizza Founder Joe Pozzuoli is originally from Naples, Italy and still owns and operates his flagship New York location at 84 years old. His son, Joe, Jr., and grandchildren Sal and Pino Vitale are part of the ownership and operations team in Miami. Locals and tourists alike flock to Joe’s for an authentic New York street slice.

“After an extensive search, Joe’s Pizza zeroed in on Wynwood for its first foray into Miami,” Fernandez said. “With such a huge following up north, Joe’s will greatly benefit from the New York migration into Wynwood and the substantial pipeline of new office and residential development. The residential component of Wynwood 25 also made the building a particularly attractive option for Joe’s.”

Arellano and fellow Co-Founder and Managing Partner Devlin Marinoff have more than $100 million in pending transactions in Wynwood, and the firm has participated in more than $350 million in investment and development sales in the neighborhood over the last few years.

Over the course of his career, Arellano has completed more than 250 leases in Wynwood and played a pivotal role in the neighborhood’s evolution from an overlooked, largely neglected collection of old industrial buildings into a vibrant hub for arts and culture, retail, restaurants and nightlife.

 

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Wynwood Building Sold To New York Company For $689 PSF

A two-story building in Miami’s Wynwood Arts District sold for $13 million.

The 18,870-square-foot commercial/office building at 2534 N. Miami Ave. and 26 N.W. 26th St. was sold by 2534 Morse LLC, managed by Jonathan A. Bernstein in Palm Beach Gardens.

The buyer was 2534 N Miami Associates LLC, managed by Eddie Hidary as chief investment officer of New York-based Hidrock Properties. Metropolitan Commercial Bank awarded a $8.06 million mortgage to the buyer.

The price equated to $689 per square foot. It last sold for $10.8 million in 2015.

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TriStar Affiliate Buys Wynwood Property To Start Major Development

An affiliate of New York-based TriStar Capital and New York-based RAL Development Services paid $13 million for a building in Miami’s Wynwood Arts District to set up a major development.

JCR Investments of Boca Raton, managed by Ok Bun Yu in Boca Raton, sold the 31,250-square-foot site at 2701 N.W. Fifth Ave.

The buyer was Brownstar LLC, managed in partnership with RAL and TriStar, a major commercial real estate developer led by and David Edelstein. Dallas-based Comerica Bank provided a $12.1 million mortgage to the buyer.

The property has a 20,239-square-foot building that was constructed in 1963 and recently housed clothing and jewelry retailers.

 

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