Rilea Group plans more loft apartments at its Mohawk at Wynwood mixed-use project after expanding its site.
The Miami-based developer paid $5.7 million for two warehouses at 31 and 37 Northeast 28th Street, said Rilea President Diego Ojeda. Both lots span 12,750 square feet, enlarging the overall development site at 56 Northeast 29th Street from 1.5 acres to 1.8 acres, Ojeda said.
In an off-market deal, Rilea bought the property from interior designer Michael Wolk, whose studio is based in one of the warehouses, Ojeda said. Alfredo Riascos with Gridline Properties represented Rilea, and Alfonso Jaramillo with Fortune International Realty represented the seller.
In 2002, Wolk paid $350,000 for the industrial buildings, which were completed in 1964 and 1970, records show.
“We negotiated what I think is a fair price and below market,” Ojeda said. “For us, it makes sense because it helps our project’s efficiency. For the seller, it was also good. It’s a small site that without our project didn’t have life for anything else.”
Rilea’s latest acquisition allows his firm to add 35 more loft apartments to a 12-story project originally slated for 225 units, Ojeda said. Mohawk at Wynwood, now spanning almost an entire block, will also have 31,000 square feet of ground-floor retail, 3,500 square feet of office and 337 parking spaces. Knocking down the two warehouses will also improve the design of a paseo planned for the project, Ojeda said.
“Before, the paseo had a big wall on the south side,” Ojeda said. “Now that we own the site, the wall will no longer be there. You will have retail on both sides when you walk the paseo.”
Source: The Real Deal