The Related Group and its partners secured an $87.5 million construction loan for the Dorsey project in Wynwood.
Bank OZK provided the financing for the 12-story mixed-use development planned for Northwest Third Avenue between 28th and 29th streets. Related, Alex Karakhanian’s Lndmrk Development and Tricera Capital are partnering to develop the project.
The Dorsey will include 306 apartments, with a majority between 500 square feet and 620 square feet, with some as small as 400 square feet. The commercial space will be divided into about 33,000 square feet of retail and 78,000 square feet of office. The project will also run along a planned woonerf, a Dutch-inspired pedestrian-friendly street. The Related joint venture secured approval for the project from the Miami Urban Development Review Board in late 2019. Arquitectonica is the architect.
Monthly rents are expected to range between $1,800 and $3,900. Amenities will include a gym with a yoga studio and spa, a courtyard, recreation area for pets and a garage, according to a spokesperson.
Karakhanian said the building is expected to be delivered in about 20 months. Construction began this month.
Weck 29 LLC paid $32 million for the assemblage in September 2019. Affiliated companies secured the loan.
Related has been active in Wynwood, where Jon Paul Pérez, newly minted president of the firm, has taken the helm.
Source: The Real Deal