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Investors Team Up With Pastry Chef And Chocolatier For Planned Wynwood Market

A new high-end market with a restaurant, bean-to-bar chocolate station, patisserie and cocktail bar is coming to Wynwood.

Ananda Market, led by partners Antonio Ortega and Piero Pini, signed a 10-year lease for nearly 12,500 square feet at 310 Northwest 25th Street.

Forte Capital Management, led by Chaim Cahane and Dov Tepper, and Jon Krasner’s 7G Realty recently paid $11.8 million for the retail property at 310-318 Northwest 25th Street. They acquired it from East End Capital. Existing tenants include Barcelona Wine Bar and Grace Loves Lace, an Australian wedding dress store.

The market and restaurant will be led by chocolatier and pastry chef Jorge Kauam, Ortega said. Construction is slated to begin in about six to seven months, and the concept could open in about 10 months. Ananda will sell pastries, elaborate chocolates, breads, cocktails, and organic and sustainable food products. At night it will also function as an event space.

 

Source:  The Real Deal

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Ironstate Pays $16M For Wynwood Site, Marking First Property In Miami

Ironstate Development Group purchased a property in Wynwood for $15.6 million, marking its first South Florida site.

The Hoboken, New Jersey-based development firm, led by brothers David and Michael Barry, acquired the Art by God assemblage at 60 Northeast 27th Street. The buyer is 26-60 NE 27th Street LLC, according to brokers involved in the deal.

Ironstate’s portfolio includes properties in New Jersey and New York, and the company has been considered a key player in Jersey City’s evolution. It is unclear what the firm’s plans are for the Wynwood site.

Art by God, led by Gene Harris and his family, was in contract to sell the land at 26 Northeast 27th Street, 25 Northeast 26th Street, and 61 Northeast 26th Street since October 2019. The previous buyer, Miami Beach-based Lucky Shepherd, assigned the contract to Ironstate, which acquired the property on Wednesday, according to the brokers.

Lucky Shepherd, led by Christine Menedis and Naveen Trehan, had planned to build a 150-key hotel with 48 rental apartments.

Andy Charry of Metro 1 represented the seller, while Colliers International South Florida brokers Mika Mattingly and Cecilia Estevez represented Lucky Shepherd.

Mattingly called it a “prime example of a Covid-ravished deal” that emerged “triumphantly.” Charry said the pandemic threw a monkey wrench through the original timeline. The closing was initially scheduled for early 2020.

“They had a great property located on a great street, and it became even better because of the proposed Brightline station,” Charry said, referring to the sellers. The family owns the gift shop that offers minerals, fossils and other natural resources.

Developers including the Related Group, Property Markets Group, Kushner Companies, East End Capital and others have flocked to Wynwood in recent years, developing mixed-use, multifamily projects.

 

Source:  The Real Deal

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The Collective Unveils Plans For ‘Co-Living’ Building In Wynwood

The Collective has unveiled plans for its first co-living project in South Florida within a mixed-use building in Miami’s Wynwood Art District.

The city’s Wynwood Design Review Committee will consider the project at 2825 N.W. Second Ave. during its April 14 meeting. The 41,750-square-foot lot is owned by Wynwood Gateway II LLC, an affiliate of the Collective, a co-living operator based in New York, London and Berlin. The project would replace an auto showroom currently on the site.

The Collective first announced its intention to develop the site in 2019, but it hadn’t put forth a specific description of the project until now.

The building would total 351,443 square feet, with 12 stories along 29th Street and eight stories on 28th Street. It would have 108 apartments, 70 hotel rooms, 9,508 square feet of commercial space, and 163 below-grade parking spaces. As for the units, the hotel rooms range from 330 to 1,049 square feet. The apartments would range from 1,083 square feet with four bedrooms to 2,395 square feet with six bedrooms.

 

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Rilea Group Taps Crowdfunding Platform RealtyMogul For Project In Wynwood

Rilea Group launched a crowdfunding effort to capitalize a mixed-use project near the Wynwood Art District neighborhood of Miami.

The Miami-based developer has qualified its Mohawk at Wynwood project for the crowdfunding platform run by RealtyMogul. RealtyMogul has more than 200,000 qualified investors.

The developer has 1.5 acres at 56 N.E. 29th St. under contract. The property is currently owned by 29th Street Warehouses LLC and has an old warehouse.

Rilea Group President Diego Ojeda said the campaign, which launched April 5, aims to raise $10 million through crowdfunding towards the $103 million project. There will probably be a second round of crowdfunding, and it would be combined with equity from high-net-worth investors and debt.

 

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Two Venture Capital Funds And StartUp Ink Leases in Miami’s Wynwood

Venture capital funds Founders Fund and Atomic, as well as the start-up OpenStore, signed three office leases totaling 22,000 sq. ft. in Miami’s Wynwood Arts District, at Wynwood Annex, a creative office building developed by Related Group and East End Capital.

Founders Fund is a major Silicon Valley venture capital firm with billions of dollars in capital under management. Co-founder Peter Thiel, who also co-founded PayPal, showed interest in Miami last year when he signed a short-term lease for office space before selecting Wynwood as home to its permanent Miami office.

Already home to popular tech companies Spotify and Live Nation and start-ups like the CodelittWyncodeASOFTIO Software, and now, OpenStore, some are beginning to refer to Wynwood as the epicenter of Miami’s urban core.

According to a release, the following recent announcements are also helping to solidify Wynwood as the creative hub of Miami:

  • Microsoft and SoftBank Group, one of the world’s largest tech investors, announced they are looking for 100,000+ sq. ft. of space;
  • Announced last week, Wynwood will host the world’s largest Bitcoin Conference in June 2021 where Twitter CEO Jack Dorsey will speak at Mana Convention Center.  The conference was previously held in Los Angeles, California; and
  • Miami Mayor Francis Suarez announced the City’s first-ever Chief Technology Officer and is currently considering a contract for employees to receive all or part of their salaries in Bitcoin, and for the public to have a Bitcoin option while paying for city services.    

 

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Mixed-Use Buildings On Miami Avenue In Wynwood Win Urban Development Review Board’s OK

A sprawling mixed-use project designed to bring apartments, office space and more in two new buildings in Wynwood won a positive review from the city’s Urban Development Review Board.

The board unanimously recommended approval of the project, known as PRH N. MIAMI, after the developer made several changes to the plan in response to issues and concerns brought up by the review board and earlier by the Wynwood Design Review Committee.

PRH N MIAMI LLC plans to build the dual, complementary buildings at 2150 N Miami Ave.

The project is to include 317 residential units, 60,400 square feet of offices, 22,701 square feet of commercial-retail uses, and a garage for up to 534 vehicles.

The property has a principal frontage on North Miami Avenue, which bisects the property. The property fronts Northeast/Northwest 22nd Street to the north comprising secondary frontage, with Northwest Miami Court on the west being another secondary frontage.

The property is divided into two parcels, Parcel 1 to the west of North Miami Avenue and Parcel 2 to the east of North Miami Avenue.

The east parcel is to have retail at the ground level, a seven-level parking garage lined on the east façade with residential units up to the eighth level, and office space up to the 12th level.

The west parcel is to have retail at ground level, residential units up to the 12th level and amenity spaces for the residents.

Sandy Peaceman of CFE Architects went through many of the tweaks and changes made by the design team, with the goal of addressing the concerns of the Wynwood committee and the city board. Among them:

  • Increased connectivity and activation of the courtyard with new breezeways providing courtyard access for the west tower. Providing crosswalk connectivity between the two buildings, and a direct link between the east tower residential lobby and the west tower residential lobby and breezeway.
  • Modifications include chamfered corner along the entire northeast corner of the west tower.
  • The rooftop amenity deck has been redesigned to provide a more appealing lifestyle to the residents while creating a more intriguing skyline of the west tower.
  • Artificial green wall has been removed from the west façade of the west tower.
  • Faux brick has been removed from the ground level of the east tower and replaced with exposed concrete to create a more industrial feeling.
  • Residential lobby and office lobby have been made more prominent and inviting.
  • The long retail façade on 22nd Street has been broken down by stepping back a 33-foot-wide portion of the façade to be flush with the tower above. By doing so, it disrupts the perceived monotony along the retail wall.
  • Round balconies have been removed from the tower at the main corner at North Miami Avenue and 22nd Street to emphasize the floor-to-ceiling glass corner.
  • Garage screening and massing has been articulated with design elements that become part of the solution to the 60% roof covering requirements. Louvers have been provided where mechanical equipment will be utilized.

Board Chairman Willy Bermello and others commended the developer’s team for listening to the board’s concerns and making changes.

“You’ve done a good job in being very responsive and sensitive,” said Mr. Bermello.

Board member Ligia Ines Labrada said she appreciates that the developer and architect acted upon board recommendations.

“It makes for a much stronger project. The open breezeway makes it more inviting … the scale and language has improved in relating the two buildings,” she said.

Board member Ignacio Permuy said: “If we had a category of Most Improved Project, this would be one of the top ones. I commend you on a job well done … exceptional job. Night and day.”

 

Source:  Miami Today

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Love Life Café To Open At 545WYN In Wynwood

Sterling Bay has signed a retail lease with eatery Love Life Café in Miami’s Wynwood district. Love Life Café will take 3,767 square feet of storefront space at 545wyn, Wynwood’s first Class A creative office building.

Love Life Café, a plant-based dining concept, will be relocating its existing Wynwood location at 2616 NW 5 Ave. to its new location at 545 NW 26th St. later this year. Veronica Menin and her husband, Diego Tosoni, created Love Life Café in 2015. Tosoni, a self-taught chef with a passion for vegan cooking, aims to bring plant-based foods to 545wyn, serving breakfast, lunch and dinner items.

Love Life Café currently operates venues at Time Out Market in Miami Beach and another at 18 N Dollins Ave. in Orlando.

 

Source:  RE Business

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East End Capital Sells Wynwood Building For $12M, Resolves Foreclosure

An affiliate of East End Capital sold a commercial building in Miami’s Wynwood Arts District for $11.8 million, resolving a foreclosure lawsuit in the process.

EERC 310 Owner LLC, led by Jonathan Yormak and David Peretz of New York-based East End Capital, sold the 19,891-square-foot building at 310 and 318 N.W. 25th St. to 310 NW 25 SPE LLC, managed by Chaim Cahane of Miami Beach-based Forte Capital Management and Jonathan Krasner. The buyers assumed the seller’s $11 million mortgage with FS Rialto 2019-FL1 Holder LLC, an affiliate of Rialto Capital Management.

 

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Miami 21’s Special Area Plans Have Created Special Problems

In a recent article, Neisen Kasdin, managing partner of Akerman LLP’s Miami office, argued that the opposition to special area plans (SAPs) was “largely driven by community activists who oppose change because they like things the way they are and want to preserve their positions of power in the community. They generate opposition by preying upon people’s fear of progress, often without regard to the true long-term interests of the community.”

Nothing could be further from the truth—the opposition to SAPs has been galvanized across a broad spectrum of opponents who have watched this planning tool turned against our most vulnerable communities by developers. That outrage resulted in the City of Miami Planning Zoning & Appeals Board voting unanimously last year to recommend to city commissioners that SAPs be abolished from the Miami 21 zoning code.

SAPs Are Government Up-Zoning

A “special area plan” is a zoning process in Miami 21 that allows a developer that assembles over nine acres of land to apply for the right to build at much greater height and density than would otherwise be allowed. If that application is approved after going before the PZAB for its recommendation and then obtaining final approval from the city commission, the developer then has greater flexibility (e.g., the Magic City SAP received exemption from certain liquor sales limitations) as well as relief from the Code’s otherwise strict rules regarding “succession.”

Miami 21 is a “form based” code designed for “successional growth.” For example, the T-3 transect governs single family and duplex residences of maximum two stories, and T-4 governs multifamily apartments of three stories maximum. Any up-zonings of more than one transect are generally not allowed. SAPs are a planned exception to successional growth, intended to incentivize developers to cooperate with the city planning staff to create a better development than the developer might otherwise build. Kasdin is correct that this process has worked well in some high density places, such as Brickell City Centre. But not all, and there’s the rub—“one size does not fit all.”

At their root, the projects Kasdin is promoting involve governmental up-zoning, with lobbyists approaching the city of Miami on behalf of developers seeking permission to build more than they are otherwise legally allowed to build.

This type of government led development is neither organic nor the result of natural market forces. Rather, market forces are being manipulated to incentivize acquisition of real property in poorer neighborhoods where private investment has been largely absent, except by slumlords, often for decades.

In theory, this process involves the city agreeing to allow more density and height in exchange for the developer making available to residents certain benefits, such as affordable housing, workforce preferences and living wages. But the “community benefits” are only as good as the negotiating process, and it is often the case that the neighborhood doesn’t get what it deserves in a process controlled by connected people in “special deals for special people” handed out by compromised politicians who don’t have the public interest at heart.

 

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Related Group, Block Capital Sell Wynwood Building For $77M

The Related Group and Block Capital Group sold the Bradley Wynwood mixed-use building in Miami for $77 million.

The five-story building, at 51 N.W. 26th St., was sold to ICONIQ Capital, a San Francisco-based investment fund with over $3 billion in real estate under management. It has 175 apartments, about 36,000 square feet of retail, and more than 300 parking spaces.

The sale was brokered by Jaret TurkellRoberto PesantScott Wadler and Omar Morales of Berkadia.

 

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