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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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Miami Beach Affordable Housing Project Converting To Boutique Hotel

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An affordable housing apartment owner in Miami Beach has told residents to move out so they can convert the 56 apartments into a 76-room boutique hotel.

The Miami Beach Historic Preservation Committee recently voted to allow the building owner to renovate the Riviera Plaza Apartments at 337 20th Street. The residents have 60 days to find another place to live. The structure, built in 1926, was originally a hotel until it was converted into apartments later.

Owners Diana and Rene Gerdom bought the property for $41.3 million in 2015. Construction is expected to cost $22 million.

The five-story hotel’s rooftop will feature a deck, a rooftop pool on the western side of the building and a roof garden. Shulman + Associates is the architect on the project.

 

Source:  ConnectCRE

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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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Rilea Group Pays $21M For Wynwood Site To Build 146 Condos

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Rilea Group purchased a plot of land in Miami’s Wynwood Arts District for $21 million, where it intends to develop a condominium, dubbed the Rider at Wynwood.

Wynwood Rider LLC, a subsidiary of Miami-based Rilea Group, purchased the 31,358-square-foot property at 100 N.E. 29th Street and 101 N.E. 28th Street from The Rider Miami LLC, an entity managed by John Bogdasarian of Saline, Michigan-based Promanas. The buyer received a $11.55 million mortgage from Altamar Funding 2 Lender, with a June 25, 2025 maturity date.

There is a 6,470-square-foot commercial structure on the property right now, but it is largely empty.

The property last traded for $12.2 million in 2021.

Sales at the Rider at Wynwood were introduced by Rilea Group in March. The project plans twelve floors and 146 units with short-term rentals allowed. The condos would come completely furnished and range in size from 511 square feet for a studio to 1,612 square feet for a three-bedroom unit. Their prices range from $1.8 million to the $600,000s.

 

Source:  SFBJ

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The End Of Wynwood? Massive Projects Would Remake Miami’s Hippest Neighborhood

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Miami’s Wynwood may be the hottest, hippest neighborhood in America’s hottest city: A dynamic urban fusion of repurposed industrial buildings and warehouses interspersed with new, low-rise buildings housing shops, bars and restaurants, offices and apartments, all of it steeped in artful design and curated graffiti murals.

Its success is no accident. The reinvigorated Wynwood, once a derelict industrial zone, is the deliberate result of unique planning guidelines and development limits painstakingly laid out a decade ago by district property owners and city of Miami planners. The special Wynwood regulations are backed by a distinct vision — for a dense yet human-scaled alternative to the new high-rise forests of Brickell and Edgewater.

But just as they begin to bear fruit, the carefully laid plans for Wynwood are threatened by a controversial new state law, the Live Local Act, which overrides local building controls and encourages developers to supersize projects in exchange for setting aside apartments as ostensibly affordable housing. Critics say Live Local is a giveaway to developers and the promised affordable housing is anything but that.

In Wynwood, Live Local looms in the form of a developer’s plan for a 48-story tower — 36 stories taller than the highest building now allowed in the district — atop a massive parking garage that by itself is larger than much of the new construction in the neighborhood. The Wynwood Neighborhood Revitalization District rules, by contrast, have restricted new buildings to 12 stories.

The tower plan, by Bazbaz Development, calls for 544 apartments and even more cars and parking, or 621 spots, at North Miami Avenue and Northwest 21st Street. That would effectively bring a downtown Miami density to narrow Wynwood streets already nearly overwhelmed with traffic and infrastructure that has barely kept up with the current wave of redevelopment.

And the tower project is only the first to surface publicly in Wynwood. City planning officials say five other Wynwood applications have been submitted this year. Records provided to the Miami Herald by the city for three of the proposals call for:

  • A 39-story tower with 336 apartments located four blocks north of the Bazbaz project, also on North Miami Avenue, by an affiliate of New York’s Hidrock Properties.
  • A 19-story high-rise with 401 apartments located one block west of the Bazbaz site. As part of the project, Miami Court Holdings would preserve and protect an adjacent, two-story Art Deco building as part of the project.
  • A 25-story building complex — with 996 apartments and 693 parking spaces located along Northwest Sixth Avenue between 24th Street and 26th Street on the western edge of Wynwood along Interstate 95 — is proposed by property owner David Sedaghati’s Ultimate Equity.

Local stakeholders expect more. They fear Live Local projects will turn the carefully nurtured district into another version of Edgewater, the nearby, rapidly changing, bayfront neighborhood that now consists mostly of towers rising from bulky, street-filling parking pedestals.

“If those controls are now overridden by Tallahassee, which has no idea what Wynwood or any neighborhood is, that’s kind of crazy,” said Juan Mullerat, a Miami planner whose firm, PlusUrbia, wrote the award-winning Wynwood plan, which was adopted as law by Miami city commissioners in 2015. “And it’s a little scary. Come Live Local, and you can just go nuts.”

QUESTIONABLE AFFORDABILITY

As to the promised affordable housing in the Bazbaz tower? Though the specifics haven’t been decided yet, it’s likely to be around 217 apartments, mostly studios, aimed at people making up to 120% of the median household income in Miami-Dade County — the level set by the state’s Live Local legislation. In 2024, under published calculations by the state, that means people making up to $95,400 a year can be charged up to $2,385 per month in rent for a studio. Rent for a one-bedroom would be capped at $2,554.

Live Local — a priority of Florida Senate President Kathleen Passidomo, a Republican from Southwest Florida, and credited to Sen. Alexis Calatayud, a Republican from Miami-Dade County — was billed as the answer to the state’s housing crisis when it was passed in 2023.

It unilaterally lifts zoning restrictions across the state for developers of mixed-use projects that set aside 40% of residential units as workforce housing for 30 years. Housing advocates say local zoning restrictions have often blocked development of affordable dwellings.

It also directs hundreds of millions of dollars in funding and tax breaks to developers who use the law’s provisions to build.

Live Local quickly proved controversial as developers began proposing outscaled projects in municipalities ranging from Doral to Hollywood and Miami Beach. The law’s pre-emption provisions apply in commercial, industrial and mixed-use areas.

At the same time, the Legislature barred local governments from imposing rent controls on private housing and made it harder for municipalities and counties to approve affordable housing in areas zoned residential only.

Some experts say they expect litigation and increased public furor as mammoth Live Local applications proliferate across Miami-Dade.

 

Source:  Miami Herald

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Three More Live Local Act Apartment Towers Proposed In Wynwood

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Developers are seizing on the Live Local Act with plans for five apartment high-rise projects in Wynwood.

The towers, which would range from 18 to 48 stories, promise to alter the look of the Miami neighborhood, where heights for years have been capped at 12 stories.

Three of the proposals were recently revealed. New York-based Hidrock Properties plans a 39-story, 336-unit tower at 2534 North Miami Avenue; Miami Court Holdings proposes a 19-story, 401-unit tower at 2100 Northwest Miami Court; and David Sedaghati’s Ultimate Equity plans a 25-story, 996-unit apartment tower on the southeast corner of Northwest Sixth Avenue and Northwest 26th Street, the Miami Herald reported.

In other proposals, Clara Homes’ preliminary plan is for an 18-story to 20-story building with about 150 apartments on the site of the Austin Burke menswear store at 2601 Northwest Sixth Avenue. Also, Bazbaz Development proposes the tallest tower, a 48-story building with 544 units at 2110, 2118 and 2134 North Miami Avenue, as well as 2101, 2129 and 2135 Northwest Miami Court.

Miami-based Clara Homes is led by James Curnin. Bazbaz, with offices in New York and Miami, is led by Sonny Bazbaz.

The Live Local Act, approved by state lawmakers last year and tweaked this year, incentivizes developers to include affordable and workforce housing in their projects by allowing them to skip public hearings for approvals and build much bigger buildings than local zonings permit. To qualify under the legislation, at least 40 percent of an apartment project’s units must be designated for households earning no more than 120 percent of the area median income. The units have to remain at below-market rents for at least 30 years. Also, under the law, developers can build up to the highest density allowed in a municipality, and up to the tallest height allowed within a mile of the development site.

Critics have raised questions as to whether the state law will truly provide a reprieve to Florida’s affordable housing crisis. At Miami-Dade County’s $79,400 annual area median income, a one-person household can earn up to $95,400 a year to qualify for a unit in a Live Local Act project, according to the Florida Housing Finance Corporation.

Some municipal officials and urban planners also have said the law ultimately lets developers ram through projects that will trump neighborhoods’ low-rise and mid-rise characters.

 

Source:  The Real Deal

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Developer Scores $77M Loan For 8-Acre Wynwood Assemblage

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The original developer of Baha Mar in the Bahamas secured a $76.8 million loan, with plans to build on eight acres of land in Miami’s Wynwood neighborhood.

Miami and Bahamas-based More Development spent $115 million-plus assembling six blocks in south Wynwood between 2018 and 2022 where it plans a mixed-use project, said Whitney Thier, president of the firm. The project will be called SoWy.

JP Morgan Chase provided the financing for the properties, which are along Northwest Second Avenue between Northwest 20th and 22nd streets, according to a press release.

The land could be developed into nearly 2.5 million square feet. The developer could also use the Live Local Act, a new state law that incentivizes developers that incorporate workforce housing into their projects.

Thier said it is too soon to say what More Development’s project will include, but that it will have residential, retail, office, hospitality and arts components.

 

Source:  The Real Deal

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Homes Near Wynwood Could Be Replaced With Apartments

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A development group wants to replace three houses in the Wynwood Norte area of Miami with an apartment building.

The city’s Urban Development Review Board will consider plans for the half-acre site at 107, 121, and 127 N.W. 31st Street on June 20. WYN107 Development LLC, managed by Sebastian Roiter and Ian Ludmir in Aventura, assembled the properties for a combined $4.5 million in 2023.

The Wyn Mood C building would total 53,401 square feet in four stories, with 72 apartments, 38 parking spaces, about 1,400 square feet of amenities on the ground floor and a rooftop pool deck.

The apartments would range from 471 to 907 square feet. There would be 42 studio apartments, 12 one-bedroom units, and 18 two-bedroom units.

While there’s been a multifamily development boom in neighboring Wynwood, the same higher density zoning doesn’t apply to Wynwood Norte.

 

Source:  SFBJ

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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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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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