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Hidrock And Robert Finvarb Use Live Local Act To Propose 39-Story Rental In Wynwood

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Another set of developers are shooting their shot to build tall in Miami’s Wynwood neighborhood, using the Live Local Act, a Florida law that grants developers density hikes in return for designating a portion of apartments as workforce housing.

Hidrock Properties and Robert Finvarb Companies together filed plans to build a 39-story building with 336 rental units at 2534 North Miami Avenue, between Northeast 25th and 26th streets. In 2021, New York-based Hidrock Properties purchased the half-acre site for $13 million, according to property records.

In accordance with state law that was passed in 2023, 40 percent of residences will be affordable for people earning no more than 120 percent of the area’s median income. Developers can build up to the height of any building within a one-mile radius if the affordability requirement is met.

According to the proposal, the Arquitectonica-designed project is 21 stories shorter than the maximum height. The 436,934-square-foot development would also house 7,781 square feet of commercial space and 326 parking spots.

The Wynwood Design Review Committee will hear the application July 16. The lawyer representing the joint venture, Brian A. Dombrowski of Greenberg Traurig, did not immediately respond to a request for comment.

 

Source:  Commercial Observer

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Hotel Coming To South Beach: Keyah Buys Washington Ave Site For $20M

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Keyah Real Estate Group is planning a seven story, 238-key hotel on South Beach’s Washington Avenue.

An affiliate of Aventura-based Keyah, led by Xaver Kriechbaum and Gavin Crescenzo, will tear down a single-story retail building and 13-unit apartment building at 1509 and 1515 Washington Avenue that the firm acquired for $20 million, records show.

The seller, an entity managed by Miami Beach-based real estate investor Jimmy Resnick, paid $550,000 for the retail building in 1987, and $4.6 million for the apartment building in 2006, records show.

Resnick provided Keyah with $15 million in seller financing.

In April, the Miami Beach Planning Board approved Keyah’s project, which entails 238 rooms, a 5,677-square-foot restaurant on the ground-floor, a pool deck on the second floor and a rooftop 3,525-square-foot restaurant, city records show. Designed by Coconut Grove-based Arquitectonica, the hotel would span 91,230 square feet.

Keyah is negotiating a possible branding deal with Cloud One Hotel, a European hospitality company that has a hotel in New York City, plans submitted with the city of Miami Beach show.

Last year, Resnick had a pending deal to sell the properties to Urbin, a subsidiary of Location Ventures, the Coral Gables-based development firm that went belly up following a string of lawsuits from lenders, investors and vendors alleging defaulted loans, unrealized profit returns and nonpayment of services. At the time, then-Urbin and Location Ventures CEO Rishi Kapoor had planned to convert the retail and apartment buildings into a co-living condo project, but the deal fizzled.

 

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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i5 Wynwood Co-Living Community Reaches Completion With 215 Suites

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Hundreds of new residents are about to begin moving into a newly completed co-living building known as i5 Wynwood.

Leasing and move-ins for i5 Wynwood have now begun, according to a press release.

Residents will have their own private bedroom and ensuite bathroom, inside a 3 or 4 bedroom apartment. The living area and kitchen will be shared.

Prices start at $1580 per bedroom, assuming a 12-month lease with 2 promotional months added, the i5 leasing website says.

Arquitectonica is the architect, with interiors by Michael Wolk. Related Group and W5 Group are the developers.

 

Source:  The Next Miami

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Lights Now On Five-Park, Miami Beach’s New Tallest Building

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The lights have now been turned on at South Beach’s new Five Park tower.

The 48-story tower broke ground in 2021 at the entrance to South Beach. It is said to be taller than any other building in the city of Miami Beach, at 519 feet. When complete, it will include 280 luxury residential units.

The tower was designed by Arquitectonica. Terra and GFO Investments are the developers.

 

 

Source:  The Next Miami

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Developer Proposes 120K SF Office With Studio Apartments In Aventura

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Privé Group is planning to build 120K SF of office space in the Ojus neighborhood near the Aventura Mall.

The Aventura-based investment and development firm filed a pre-application on Wednesday seeking approval from the county to build an 11-story office building and a small residential building connected by a seven-story parking garage at 18802 and 18820 W. Dixie Highway.

The Arquitectonica-designed development is called Aventura Office Center in a site plan for the three structures submitted with the application. The office building includes 4,400 SF of ground-floor commercial space and a rooftop terrace with landscape architecture from the Miami office of Enea, which is headquartered in Switzerland.

The office would front Dixie Highway with a two-story residential building set in the rear of the 1.32-acre site behind the parking garage. Privé is planning 12 studio units at the building sized at around 380 SF each.

Floor plates at the office building would span around 14K SF, with elevators, staircases and bathrooms in the core of the building.

The proposal is an update to plans submitted more than six years ago called Aventura Square. A local community council approved plans in June 2017 for Privé to build 94K SF of office condos, 5,700 SF of retail and 340 parking spaces on the site, the South Florida Business Journal reported. The council also approved up to 12 apartments at the property.

The original plans called for an eight-story building, but zoning rules have since been modified to allow buildings up to 12 and 15 stories in the Ojus District, allowing Privé to submit its 11-story plan, according to the letter of intent submitted by Vazquez with the application.

Source:  Bisnow

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Construction Permits Filed For 186-Unit Wynwood Residential Development

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Another residential development has entered the construction permitting process in Wynwood.

The construction permit application is for a 12-story mixed-use building replacing a parking lot formerly owned by the Salvation Army.

The permit filing was first created in late November, with the full plans filed in late December. Review is currently underway by Miami’s Building Department.

Beauchamp Construction is listed as the contractor on the permit.

Miami’s Urban Development Review Board voted unanimously in October to approve the development without requiring any modifications.

The mixed-use development is planned to rise 12 stories and include:

  • 186 residential units
  • 9,444 square feet enclosed amenity space, plus outdoor amenity space
  • 14,618 square feet of ground floor retail space
  • 167 parking spaces on three levels

Breakers Capital and Alchemy-ABR Investment Partners of New York are the developers.

Arquitectonica is the architect.

 

Source:  The Next Miami

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Developer Plans Nearly 900-Unit Workforce Housing Project Near Allapattah

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Developer and investor Vivian Dimond took over a land lease near Allapattah where she plans a nearly 900-unit workforce housing project.

Dimond, a principal at the Coconut Grove-based private equity firm Bayshore Grove Capital, said the project will cost an estimated $175 million to develop. It’s expected to include two 15-story buildings constructed next to the Earlington Metrorail Station at 2100 Northwest 41st Street in Miami’s Model City, on the northern border of Allapattah.

Dimond’s Earlington Metro LLC paid $9 million to acquire the 99-year land lease from EH Development, led by Alain Lantigua, in August, records show. EH Development signed the lease with Saint James Community Development Corp. in 2020. Miami-Dade County owns the 7-acre property.

Arquitectonica is designing the project, which will include 856 apartments ranging from studios to three-bedroom units, as well as about 35,000 square feet of retail space, according to a press release.

 

Source:  The Real Deal

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Wynwood Project To Include 54 Small Housing Units

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The booming Wynwood Arts District is preparing to welcome yet another mixed-use residential development with ground floor retail.

Owner-developer Alchemy-ABR-BCP Wynwood LLC plans the 12-story project at 18 NW 23rd St.

The development is to become home to 178 residential units, 13,498 square feet of retail uses, and parking for 183 vehicles.

The City of Miami’s Urban Development Review Board is recommending approval of the project.

The site is bounded by Northwest 23rd Street on the north, Northwest Miami Court to the west, Northwest 22nd Street to the south, and North Miami Avenue on the east.

According to the attorney representing the developer, the property is within the Neighborhood Revitalization District (NRD-1), the intent of which is to facilitate Wynwood’s transition from an industrial district to an active, diverse, mixed-use neighborhood.

He said to accommodate 178 residential units, the owner-developer intends to utilize the Wynwood Transfer of Development Density Program.

In particular, the project will utilize the Affordable Housing Payout option, which allows for a 50% density increase subject to a cash contribution to the Wynwood Public Benefits Trust Fund.

The 54 bonus units provided will each be less than 650 square feet, as required, he said.

The developer is requesting waivers to the Miami 21 zoning code, which would allow:

  • A 30% parking reduction, for property near a public transit corridor.
  • Parking within the mezzanine level. This parking level will be masked with the required art treatment for 100% of the impacted area of the façade.
  • A 10% increase in lot coverage, for the first through eighth stories. This waiver will allow for the lot coverage of 87.71%, up from the base permitted lot coverage of 80%.
  • Reduction in drive aisle width.
  • A 10% increase in floorplate area above eighth story.
  • A 10% increase in rooftop enclosed area. This waiver will allow for an increase from 20% to 22% of the rooftop to be enclosed space. The project includes a 3,812-square-foot enclosed rooftop area, which will accommodate resident amenity space as well as back-of-house functions.
  • Parking in the second layer on primary frontage, and the secondary frontage, and all of this parking area will be masked by the required art treatment.

Arquitectonica is the architect.

The motion to recommend approval of the project passed unanimously.

 

Source:  Miami Today

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Related, W5 Group Begin Leasing Efforts At Wynwood’s First Co-Living Project, i5 Wynwood

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Related Group, in partnership with W5 Group, announced Wynwood’s first co-living project, i5 Wynwood.

With pre-leasing beginning in November and completion expected in January 2024, this project redefines the rental residence experience in Miami, offering 217 fully furnished private suites starting in the $1,800’s.

“With our finger on the pulse of South Florida’s dynamic real estate landscape, Related Group in partnership with W5 Group, continues to redefine the meaning of modern living,” said Jon Paul Perez, President at Related Group. “Whether a resident is a young professional starting their career, an artist inspired by Wynwood’s creative scene, or an individual looking for an affordable, community-oriented living experience, i5 Wynwood provides high-quality housing at a reasonable price point.”

 

“i5 Wynwood represents a bold and forward-thinking approach to addressing the growing demand for urban living spaces in Miami, where rising housing costs have posed challenges for many residents,” said Chief Investment Officer of W5 Group, Raphael Sidelsky. “This unique co-living concept is designed to provide a vibrant, community-focused living environment that offers affordability without compromising on quality. W5 Group invests in cutting-edge, affordable, and community-oriented residential projects that provide exceptional amenities, design, technology and energy efficiency for residents. That’s exactly what i5 Wynwood delivers. We conceived of and helped design these highly efficient units based on our experience with micro-units, student living, multifamily and co-living projects in other similar dynamic urban environments.”

Located at 51 NW 28th Street, in the heart of Miami’s trendsetting Wynwood neighborhood, the nine-story i5 Wynwood offers residents accessible housing options with unmatched access to award-winning restaurants, bars and trendy boutiques as well as the rich assortment of art galleries, studios and exhibition spaces for which the area is known.

Designed to prioritize flexibility for urban dwellers, i5 Wynwood is made up of 217 suites, each with a private bathroom and a shared living room, dining room and kitchen, spread across 63 fully furnished apartments. Rental rates begin at $1,895 per private suite and include access to a communal kitchen as well as modern and stylish shared living and dining spaces. Residents can choose between 3-bed/3-bath and 4-bed/4-bath apartments, which have been fully furnished with queen-size beds, writing desks, multiple shelving units, trendy light fixtures, dining tables and chairs, couches, coffee tables, entertainment consoles and flat-screen TVs.

With architecture by world-renowned Arquitectonica and interiors by Miami-based designer Michael Wolk, the name behind the famous Porsche Design Tower and St. Regis Resort Bal Harbour, i5 Wynwood offers a high-design lifestyle at an unmatched price. Throughout the building’s interiors, Wolk sought to embrace the artistic spirit of the Wynwood neighborhood by creating a fresh, colorful take on the mid-century modern style. Bold colors and patterns compliment furniture rooted in functionality, clean lines and simplicity.

The vision for i5 Wynwood goes beyond traditional co-living developments by offering a curated amenity package on par with Related’s and W5 Group’s other award-winning communities. Highlights include meticulously designed shared spaces such as a sprawling entertainment center, equipped with a premium sound system and comfortable seating for watching sports and movies as well as a game room with a ping pong table and lounge seating. i5 Wynwood will feature over 3,900 sq. ft. of ground-floor retail space surrounding a 6,600 sq. ft. shaded central courtyard, along with a rooftop pool with sweeping views of the city, an indoor and outdoor gym, co-working and meeting spaces, adding to the vibrant atmosphere of the neighborhood and provide convenient shopping and dining options for both residents and visitors.

On the rooftop level, residents can utilize the coworking lounge, with Room® work booths and private rooms, before enjoying the resort-style pool surrounded by comfortable lounge chairs, cabanas, picnic tables, sunshades, a grilling area and outdoor games. Additional rooftop amenities include a fitness center with the latest equipment, free weights and an outdoor turf-covered fitness lawn. A lobby concierge, property-wide security system, mailroom with smart lockers and on-site designated resident parking further enhance convenience and security for residents.

The property will also feature an assortment of museum-quality art from the internationally acclaimed Jorge M. Perez Contemporary Art Collection, including a site-specific mural by artist, Jing Wei inspired by the community-oriented nature of the project. The murals surround the building on the east, south, and west elevations.

 

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