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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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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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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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Scott Robins, Former Miami Beach Mayor Philip Levine, & Ben Mandell’s Tricera Capital Close On Lincoln Road Retail Asset For $13.6 Million

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Scott Robins from Scott Robins Companies, Inc., former Mayor of Miami Beach Philip Levine, and Ben Mandell’s Tricera Capital, closed on 318-334 Lincoln Road, a ±24,000-square-foot property located in the heart of Miami Beach, for $13.6 million.

The property was sold by RFR Realty, a New York-based real estate investment firm founded by Michael Fuchs and Aby Rosen.

Scott Robins, known for transforming neighborhoods in Miami Beach, stated, “This part of Lincoln Road has long been the ‘Times Square’ of Miami Beach. Our acquisition of this asset marks the start of a new chapter in this area. My partners and I are excited to restore this iconic location to its former glory, bringing back the bustling energy and allure it once had.”

Current tenants at 318-334 Lincoln include Mr. Jones Miami, South Beach Munchies, and Sweet Life Gelato Italian Ice Cream. Ownership is actively leasing and is currently in discussions with several tenants for the vacant units.

“We are excited to enter this market at such a unique time,” said Tricera Capital CEO Ben Mandell. “This part of Lincoln Road has seen strong performance over the last few years and continues to be a service-oriented and convenient staple for travelers to Miami Beach.”

The timing of this purchase aligns perfectly with the broader revitalization efforts on Lincoln Road, especially in the 100, 200, and 300 blocks. A significant investment of approximately $12 million—contributed equally by the State, the City, and the Ritz-Carlton South Beach—is being dedicated to enhancing infrastructure, implementing art and landscaping, creating pedestrian-friendly streets to harmonize with the rest of Lincoln Road.

“With major capital improvement projects on the horizon, including the construction of a beautiful, pedestrianized streetscape, enhanced public beach access, and the addition of new hotels, restaurants, and retail stores, Lincoln Road is poised to regain its splendor of years past,” said Levine.

 

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Torose Equities Acquires Prime Retail Property On Miami Beach’s Iconic Lincoln Road

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Miami-based real estate investment firm Torose Equities has closed on the acquisition of 910 Lincoln Road in Miami Beach.

The approximately 8,700-square-foot retail property is strategically located on the world-famous pedestrian Lincoln Road, offering a rare value-add opportunity in one of the most sought-after retail corridors in the United States.

910 Lincoln Road marks another significant acquisition for Torose Equities, further solidifying its presence in key target markets. The flagship retail space aligns with Torose’s focus on value-add urban retail, office, and mixed-use properties in the Southeastern United States.

“This acquisition represents a unique opportunity to add a trophy asset to our growing portfolio,” said Scott Sherman, Founder & Principal of Torose Equities. “Despite current market uncertainties, we remain bullish on the long-term prospects of high-street retail in premier locations like Lincoln Road. Our acquisition of 910 Lincoln Road at a favorable basis positions us strategically within one of the nation’s most iconic and coveted retail corridors, offering significant potential for value creation and long-term appreciation.

“What’s particularly exciting is that we are jumping back into Lincoln Road at the perfect time. With the convention center renovation complete, a new convention center hotel development on the horizon, and an influx of new restaurants, we are bullish on the future of Lincoln Road. I was investing in this street 15 years ago and was an original member of the Lincoln Road Business Improvement District when it was founded. It’s thrilling to be back on the street and part of its resurgence.”

Located in the heart of South Beach, 910 Lincoln Road benefits from its prime position in a world-renowned shopping, dining, and entertainment district. The property is surrounded by high-profile retailers such as Apple, Nike, Victoria’s Secret, Urban Outfitters, CB2, and Sephora, popular restaurants, and tourist destinations, ensuring consistent foot traffic and visibility. The single-tenant building is currently 100% occupied by high-end clothing brand AllSaints.

The Miami Beach retail market continues to demonstrate strong fundamentals, with average submarket occupancy currently at 95%. The area has experienced significant rental rate growth over the past decade, up over 31% since 2013, with net absorption of over 98,000 square feet in 2022. Known as America’s Riviera, Miami Beach attracts a diverse and affluent population with its outstanding quality of life, cultural attractions, and world-class dining and shopping. The city boasts over 91,000 full-time and 100,000 seasonal residents, and it welcomes millions of visitors annually.

 

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New York Restaurant To Open 1st Miami-Dade Location In Miami Beach’s South of Fifth

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A Class A office building now being built in Miami Beach will serve as the first Miami-Dade location for a New York-based Italian restaurant.

Sant Ambroeus will lease more than 7,000 square feet on the ground floor at The Fifth Miami Beach, a five-story office project that is now under construction on a 21,000-square-foot lot at 944 Fifth Street and 411 Michigan Avenue in the city’s South of Fifth neighborhood.

South Beach will be the second Sant Ambroeus location in South Florida. Its first South Florida located opened on the island of Palm Beach in 2016.

The restaurant is expected to  open in late 2025.

 

Source:  SFBJ

 

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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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Gateway At Wynwood Heads To Foreclosure

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Three years after completing Gateway at Wynwood, R&B Realty could lose the 14-story mixed-use building at a foreclosure sale set for next month.

On May 28, Miami-Dade Circuit Court Judge Pedro Echarte Jr. granted final judgment in favor of Wilmington Trust NA as trustee for Boise-based A10 Capital, court records show.

Two months ago, Wilmington Trust filed a foreclosure complaint against the R&B affiliate that owns Gateway at Wynwood at 2916 North Miami Avenue. The lawsuit alleges that New York-based R&B defaulted on two loans by failing to make monthly payments since December.

As of last week, R&B allegedly owes $111.9 million in principal, interest and fees, Echarte’s order states. Aron Rosenberg, R&B’s CEO, did not respond to an email request for comment, and attorneys for Wilmington Trust declined comment.

The foreclosure auction is set for July 2, court records show.

Gateway at Wynwood is among a handful of new office buildings with ground-floor retail that opened in the trendy neighborhood in recent years. When the 220,000-square-foot building was completed in 2021, R&B ramped up office and retail leasing at Gateway at Wynwood over the following year. The tenant roster includes tech start-up OpenStore, crypto company Ripple, brokerage Marcus & Millichap, biopharmaceutical company Veru, and coworking provider Mindspace.

But roughly 59,000 square feet, including the entire 12th floor, remains vacant. Its street-level ground-floor spaces are plastered with advertising to attract potential tenants.

The neighborhood, which is still going through a development boom that is adding thousands of new apartments, condo units and hotel rooms, has roughly 760,000 square feet of available office space, CoStar data shows. Nearly half of the available square footage is under construction, including a planned 12-story building with 250,000 square feet of office that is part of the Wynwood Plaza project adjacent to Gateway at Wynwood.

 

Source:  The Real Deal

 

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Construction Of Phase 2 Of Wynwood’s ‘Wyncatcher’ Project Set To Begin

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Berkadia has secured a $35 million loan to fund the construction of Phase II of Wyncatcher, a new 78,000-square-foot mixed-use creative space in the renowned Wynwood Arts District in Miami.

Managing Director Scott Wadler and Vice President Michael Basinski secured the financing on behalf of the sponsor, Morabito Properties, a Miami-based development firm led by Valerio Morabito.

The deal closed on May 29.

The project consists of two adjoining properties built in phases: Phase I, which was completed in Q4 2023 and consists of 38,400 square feet, is entirely leased to Knotel, a flexible workspace provider. Phase II will consist of 6,000 square feet of ground-floor retail space and 42,000 square feet of creative office space, slated for completion in Q2 2026.

BridgeInvest provided the floating-rate loan which will be used to pay off the existing construction loan on Phase I and fund construction on Phase II.

“Wynwood continues to fortify its reputation as a hub for innovative and creative companies,” said Wadler. “Morabito’s commitment to elegant design fits in perfectly with the ethos of this neighborhood and will ensure Wyncatcher is one of the most desirable creative office properties in the city.”

Located at 2143 Northwest 1 Avenue & 2150 Northwest Miami Court, the Wyncatcher is a high-design project by Morabito Properties involving internationally recognized architecture firm Arquitectónica, the trailblazing Vagabongarq team, and Portuguese artist Alexandre Farto, also known as Vhils.

Phase I features a two-story industrial-style building with restaurant space, a rooftop terrace, elegant double-height, black-frame windows, and a Vhils Studio designed carved concrete facade. Phase ll will be composed of an open-air covered car park, a private garden, large double-height white frame windows, high ceilings, and natural light. The space will be ideal for creative tenants with its open-format layout, and with abundant indoor and outdoor areas, will be conducive to hosting of large events and corporate gatherings.

The property affords convenient access to the Wynwood Arts District’s most notable restaurants, retailers, entertainment, and attractions like Wynwood Walls, Pastis, UNKWN, as well as Downtown/Brickell, Miami Beach, and Miami International Airport.

 

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ABH Developer Group Breaks Ground On Two More Projects In Miami’s Wynwood Norte District

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On the heels of breaking ground on Casa Wyn and Wyn 05 in Miami’s Wynwood Norte district, ABH Developer Group has broken ground on two more projects in the heart of the district.

The first, Wyn Ave, located at 3332 NW 5th Ave., is a six-story mixed-use development featuring 44 apartments and 2,370 square feet of square feet of ground floor retail space.

The second, W35 located at 319 NW 35th St., is a five-story mixed-use development featuring 24 apartments and 2,500 square feet of ground floor office space.

MG3 serves as the general contractor for both projects. W35 is scheduled to be completed first in Q2 2025 with Wyn Ave following shortly thereafter in Q3 2025.

Designed by Modis, Wyn Ave seamlessly integrates a modern, urban design. The project offers a variety of studio, one- and two-bedroom layouts spanning from 423 to 874 square feet. Apartments include contemporary finishes, state-of-the-art kitchens and washer and dryer. Five retail spaces on the ground level will fuse the streetscape with vitality, among them of which is a prominent tenant to be announced in the near future. The building includes many desirable amenities including a rooftop pool deck, fitness center, garden, co-working spaces and electric car charging stations. With rents starting at $2,400, Wyn Ave is a rare opportunity for those seeking attainable rental options in a prime Miami location.

Also designed by Modis with a modern urban design, W35 offers move-in ready studios, one- and two-bedroom apartments ranging from 477 to 510 square feet. Units include high quality contemporary-style finishes, walk-in closets and washer and dryer. A rooftop terrace with a barbecue area and solarium provides an ideal setting for entertainment and relaxation with outdoor workspaces that deliver a serene environment for productivity. To promote eco-friendly transit, all residents will have access to complimentary on-demand electric scooters, fostering sustainable and convenient exploration of Wynwood, the Design District and Midtown.

“We’re thrilled to have reached these milestones and extend our appreciation to the community for their unwavering support,” stated Alexis Bogomolni, CEO of ABH Developer Group. “Wyn Ave and W35 are symbols of our dedication to sustainability and the creation of accessible living spaces in the dynamic Wynwood Norte District. Our vision is to help sculp the future of the Wynwood Norte community, enrich lifestyles, and contribute to the area’s vibrancy. We’re excited to get these developments off the ground and deliver beautiful projects to the area.”

 

Valentin Carbonell, COO of ABH Developer Group, added, “These two pivotal projects will help reshape the 5th Avenue corridor in Wynwood Norte. Surrounded by an array of dining options, nightlife and easy access, 5th Avenue is becoming a hub of convenience and culture in our community, and we’re pleased to be part of the neighborhood’s revitalization.”

The Wynwood Norte district is bordered by I-95 to the west and North Miami Avenue to the east, and Northwest 29th Street to the south and I-195 to the north. Given its walkability to many art, cultural and entertainment and dining destinations along with its recent zoning overhaul, the neighborhood is poised for significant development.

ABH has topped off construction on Wyn 05, a mixed-use rental community with 25 modern apartments and approximately 1,000 square feet of retail space, and is under construction on Casa Wyn, a 24-unit condominium, both in Miami’s Wynwood Norte district.

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. Further north, ABH is nearing completion on Hollytown, a 24-unit townhome development in Hollywood, and construction is underway on Aire Residences, a luxury waterfront condominium in Bay Harbor Islands.

 

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