The Wynwood Arts District, famously known for its striking graffiti walls and vibrant arts and entertainment scenes, is now one of Miami’s most desirable places to live, work and play, with some of the biggest names in tech, dining, fashion and hospitality setting up shop in the neighborhood.
Leading this charge is real estate powerhouse, Related Group, the first developer to enter Wynwood in 2019 with the area’s first ground-up rental community, Wynwood 25, and the firm behind the premier Class-A office building, Wynwood Annex.
Now, Related is betting big on the future of Wynwood’s luxury residential market with NoMad Residences Wynwood, the first hospitality-infused condominium from the iconic brand, NoMad Hotels.
PROFILEmiami had the opportunity to speak with Related Group’s Senior Vice President Nick Pérez to learn more about this exciting new development and what the future holds for the area.
PROFILEmiami (PM): What initially attracted Related Group to Wynwood?
Nick Pérez (NP): JP Pérez, the President of the Related Group, initially convinced our father, Jorge Pérez, to enter the Wynwood neighborhood, which has been one of our most successful plays to date. When Related chose to build Wynwood 25, our first large-scale rental development in the neighborhood, we were impressed by the art district’s popularity with locals and tourists alike. We recognized that while millions of people were visiting Wynwood each year, there were no existing large-scale residential communities that catered to locals. It was this lack of quality housing supply that compelled us to deliver Wynwood 25, which opened four years ago, and has since ignited a wave of residential development that has transformed the area into one of the hottest rental markets in the county.
Thanks to JP’s visionary foresight, our bet paid off in a big way and today we are the single most active developer in Wynwood. Related alone has a total portfolio, including units completed and under development, of more than 1,250 luxury rental apartments in the neighborhood. Similar to our rental projects, we hope that the NoMad Residences Wynwood will set an example for other condominium developers to follow. Not only are we creating a high-quality building that our buyers will be proud to call home, but we are incorporating a wealth of food and beverage options that will be open to the public and contribute to Wynwood’s dynamic community.
We’re exceptionally proud of the progress we’ve made to date and look forward to the building’s groundbreaking later this year.
PM: Talk to us more about NoMad Residences Wynwood. How did the project come to be?
NP: As one of the pioneers behind the branded residences trend in Miami, we recognized the potential for a partnership with a reputable hospitality brand to envision a new type of condominium offering in Wynwood. The philosophy behind NoMad Hotels is grounded in the idea of the hotel as a great home, which spoke to us as residential developers. The brand’s expertise in creating and activating artfully-lived spaces made it the ideal partner for this project.
Furthermore, the NoMad New York was credited for transforming Manhattan’s North of Madison enclave into one of the city’s most in-demand neighborhoods, and we feel strongly that the NoMad Residences Wynwood will further contribute to Wynwood’s incredible evolution, leading it to become one of Miami’s most inspired and sought-after destinations.
We developed NoMad Residences Wynwood in partnership with New York-based Tricap and collaborated with our globally-renowned design partners, DesignAgency and Arquitectonica. In addition to a full suite of resort-style amenities, the nine-story building will include two signature food and beverage offerings that will be open to the public, including the rooftop restaurant and mixology bar, The NoMad Bar. On NoMad Wynwood’s ground floor, residents and the community can enjoy a Casa Tua Cucina, an expansive open-kitchen concept offering simple, yet expertly crafted Italian and Mediterranean fare.
PM: Wynwood is rapidly transforming into Miami’s tech epicenter. How have Related’s properties contributed to this growth?
NP: In the wake of the pandemic, Wynwood became a major hub for innovators within the tech and finance spaces, including Founders Fund, Atomic Venture Capital and Live Nation Entertainment, which opened offices at The Annex.
The range of forthcoming hospitality and residential offerings, including the Arlo Hotel, Moxy Hotel and the Related communities, will cater to the needs of this growing workforce, much of which is looking to put down roots in the neighborhood.
In fact, this growing tech population paired with the highly regarded NoMad brand has directly translated into robust sales activity at NoMad Residences Wynwood. More than 50% of the building’s 329 fully-furnished homes are already in contract, including one priced at roughly $2,000 per square foot, which shattered neighborhood price records.
PM: Why is the neighborhood attractive to companies wanting to open an office in Miami?
NP: South Florida has experienced tremendous population growth in recent years as many people relocated from New York City, Chicago, Atlanta and parts of Texas.
Wynwood is unique in that it offers a highly creative environment with proximity to the Miami Design District, Midtown and Miami Beach, making it an ideal location for companies looking to tap into the city’s diverse business and cultural communities. The neighborhood is home to acclaimed art galleries, luxury boutiques and Michelin-star and five-star restaurants, all of which contribute to its appeal.
Source: Profile Miami