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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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Construction Progress At Wynhouse Miami

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Wynhouse Miami now has nearly all its glass installed.

Construction on the 8-story building began last summer. A top off ceremony was held in March.

Wynhouse is planned to include:

  • 308 rental residences
  • approximately 26,000 square feet of ground floor retail
  • nearly 25,000 square feet of indoor and outdoor amenities
  • 107 parking spaces

The development also includes two pedestrian paseos that will encourage residents and the public to engage with the building, community spaces and ground-floor retail.

A $117.5 million loan provided by JP Morgan Chase and affiliates of Canyon Partners is financing construction.

Nichols is the architect, with interior design of residences by ID & Design International and amenities by Rockwell Group. Fisher Brothers is the developer.

Substantial completion is expected in January 2025.

 

Source:  The Next Miami

 

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Wynwood Arcade Being Redesigned As Wynwood Jungle

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An old established building in the booming Wynwood Arts District is being reborn – again.

The former warehouse at 50 NW 24th St., first reborn as the Wynwood Arcade, is being repurposed once more into Bristol Republic at Wynwood Jungle.

The city’s Wynwood Design Review Committee has voted to recommend approval of the latest project, with several conditions.

In a letter to the city, architect Jorge Eduardo Gonzalez said the application proposed modifications to the north façade of the former Wynwood Arcade on Northwest 24th Street.

“The project involves adding an outdoor bar, a front kitchen, and integrating these elements with a proposed canopy structure designed to mimic the building’s existing façade,” wrote Mr. Gonzalez.

The latest design received unanimous support from the committee, recommending approval with a few conditions.

 

Source:  Miami Today

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JV Acquires 32K SF Ground Floor Retail Space In Wynwood For $700 PSF

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Ben Mandell, Alex Karakhanian and Michael Simkins joined forces to buy the ground-floor retail space of Society Wynwood, an almost completed mixed-use project,

A joint venture between Mandell’s Tricera Capital, Karakhanian’s Lndmrk Development and Simkins’ Lion Development Group paid $22.5 million for 32,000 square feet at the base of the nine-story development at 2431 Northwest Second Avenue that is currently under construction, a press release states.

The deal breaks down to $703 per square foot.

Society Wynwood’s developers, Miami and New York-based Property Markets Group, or PMG, and Toronto-based Greybrook, are the sellers.

Roughly 50 percent of Society Wynwood’s ground-floor retail space is pre-leased to Starbucks, Nacho Daddy, Chama De Fogo Brazilian Steakhouse and I Scream Gelato, the release states.

Society Wynwood will also almost 300 modern residential units, including co-living units, and a private parking garage.

 

Source:  The Real Deal

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Delilah Owner Eyes Venue On Miami Beach’s Lincoln Road

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The Hwood Group is looking to bring its celebrity touch to Miami Beach’s Lincoln Road with initial plans to open an upscale Nice Guy restaurant.

The L.A.-based hospitality group — best known for celebrity haunts like Delilah, a favorite of rapper Drake — is in the early stages of taking over the entire 7,500-square-foot building at 947 Lincoln Road, which abuts Michigan Avenue, according to a city filing. The Italian establishment would house 358 seats in total, including 96 booth seats and some bar seating.

The group has not yet signed a lease for the Miami Beach building, however it wants to cover some windows with “cypress paneling that will be used to cover these windows to provide privacy for patrons,” the application states. The Miami Beach Historic Preservation Board will consider the proposal May 14.

The group’s Nice Guy brand has restaurants in Dubai and L.A., which offers $24 margarita pizzas, $14 truffle fries, and $89 16-ounce, dry-aged ribeye steak. The Miami Beach restaurant would mark Hwood Group’s second location in the Miami area. Last year, it opened a Delilah in Brickell.

 

Source:  Commercial Observer

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CRE Company Plans $23M Redevelopment Of Aventura Shopping Center

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Regency Centers is investing $23 million in the redevelopment of three retail buildings totaling more than 28,000 square feet.

Located in Northeast Miami’s highly affluent Aventura suburb, Avenida Biscayne, a ground-up redevelopment, emphasizes an outdoor-oriented dining experience with large canopies situated adjacent to the restaurant locations.

Slated to open in 2025, the shopping center, located on a prime corner in a regional shopping trade area, will offer great visibility, ease of access and ample parking for the restaurants and upscale retailers and service providers.

 

Source:  SFBJ

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$40M Whole Foods Project In Miami Beach Gets Green Light

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Russell Galbut’s plan for a $39.8 million Whole Foods Market-anchored retail building in Miami Beach is getting a kick start after nearly a decade of inactivity.

The Miami Beach Design Review Board on Tuesday approved the planned four-story project spanning 199,000 square feet at 1901 Alton Road. Miami-based Crescent Heights, led by Galbut, Sonny Kahn and Bruce Menin, is under contract to purchase the 1.3-acre site from Wells Fargo.

Crescent Heights would demolish the existing single-story building, currently occupied by a Wells Fargo branch. National grocer Whole Foods and a new Wells Fargo branch would occupy 38,100 square feet of ground-floor and mezzanine level spaces in the new building, documents filed with the city of Miami Beach show. The planned project would also have 277 parking spaces.

Crescent Heights also secured Whole Foods as the anchor tenant at Nema Miami, a mixed-use project in Miami’s Edgewater neighborhood that will have 50,000 square feet of retail space. In 2020, the national grocer signed a 20-year lease with six five-year renewal options, records show.

 

Source:  The Real Deal

 

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