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Related Scores $88M Construction Loan For Dorsey Project In Wynwood

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

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Wynwood Mixed-Use Project Gets Design Backing

One of the largest mixed-use projects coming to the booming Wynwood Arts District has received the support of an important review board.

AMLI Wynwood is designed to bring 316 residential units and 30,596 square feet of commercial-retail uses to 70 NW 25th St.

Despite concerns about the massing of the project and its repetitive façade, the Wynwood Design Review Committee recommended approval, after listing several conditions.

PPF AMLI 45 Wynwood LLC is proposing the eight-story building with 544,515 square feet. The building includes a garage for up to 388 vehicles, and 43 bike rack spaces.

The developer said the project will provide needed residential space while activating the street with commercial uses.

Javier F. Aviñó, an attorney for the developer, wrote to the city saying the project includes activated frontages pulled up to the street, creating an engaging pedestrian environment.

“The Project incorporates a generous cross block passage for through-block pedestrian connectivity between 24th Street and 25th Street and numerous landscaped courtyards for residents, including on the 7th and 8th floors,” he wrote.

The passage will be lined with retail and food and beverage options.

To aid in breaking up the building massing, the project includes a more dramatic setback of 17 feet on the upper floors along 24th Street and carries the internal courtyard spaces up through the building, said Mr. Aviñó.

He said the project will provide plenty of opportunities for large murals or graphic art treatments throughout.

The site is within the Neighborhood Revitalization District (NRD-1), the intent of which is to transition the existing Wynwood industrial district into an active, diverse, mixed-use neighborhood.

The NRD-1 district aims to preserve the unique industrial character of the area while promoting a 24-hour environment where people work, live, and play.

Ray Fort of architectural firm Arquitectonica presented details about the site and renderings for the building.

“We have about 200 feet of frontage along 25th Street and 450 along Northwest 24th. We have this T shaped site to work with,” he said.

All amenities are planned for the rooftop level including a dog run, outdoor seating and a barbecue area, a pool and a fitness area.

“Wynwood is an entertainment district and naturally what comes with that is a lot of noise, but people want to live in the area as well,” said Mr. Fort.

“So, the design takes that into account to make sure these are quiet (residential) units, recessed from the street and shielded so people can really live in this neighborhood and not be so impacted by the noise,” he said.

Chairman Victor Sanchez said, “If I look at the individual pieces on a case by case basis, it makes sense … I like the concept and idea … but when you put it all together, it’s a massive project.”

He added, “It stands out. It’s almost like it was designed outside of Wynwood and then placed in here … it almost looks like a massive repetitive building.”

There were some items he liked.

“I love the passage. I love the courtyards and the great creative way to bring natural lighting into those unique spaces, and most are accessible to the public, which is nice,” he said.

But Mr. Sanchez said he didn’t like the repetitive façade.

Committee member Amanda Hertzler agreed, calling the building monolithic.

“The façade feels expansive … The density is just packed in … I do wish I saw more of a differential between the façades so it did feel like it was broken up a little bit,” she said.

Other committee members echoed statements about the massing of the building and the repetitive façade.

In response, Mr. Fort said “the project has to have some sense of unification. You have to clearly signal to your user how to get in, how to get out. With multiple façades you create issues of ‘what building are we looking at here.’”

After more discussion, Mr. Fort said developers would consider subtle changes in the grid work patterns and the colors.

On the vote to recommend approval the committee listed several conditions: add modulation and variety to the street front articulation; widen and celebrate the entrance to the paseo; consider subtle changes to the façade including paint patterns and more; and different balconies and railings; and engage a proper art consultant.

The applicant is seeking waivers to allow:

  • Up to a 30% reduction in required parking spaces. The property is within a quarter mile of a transit corridor, including multiple Metrobus lines and trolley routes.
  • 86% lot coverage when 80% is permitted.
  • Vehicular entries less than 60 feet apart.

 

Source:  Miami Today

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Another Co-Living Apartment Building Is In The Pipeline For Wynwood

Another co-living project is in the pipeline for Wynwood.

The project between 33-51 NW 28th St. will include 200 fully-furnished units, according to a press release. The 8-story project will have 3,600 square feet of ground-floor retail space. Amenities include a gym and rooftop pool. The Related Group will develop the project with real estate investor W5 Group. Related and W5 hired the Grove-based architectural firm Arquitectonica to design the building.

It will be another co-living building in Wynwood, behind the Property Markets Group and Greybrook Realty Partners project.

“As a Miami resident myself, I have witnessed Wynwood’s ascent with some interest,” said Ralph Winter, principal of W5 Group in the release. “However, as neighborhoods become more desirable, young people are often priced out. Co-living is an exciting proposition that offers tremendous value, enabling them to experience modern living in highly attractive units — all while meeting like-minded individuals and forming rewarding new bonds in coveted metropolitan areas.”

Co-living, or apartments building with micro units and shared amenities, including communal kitchens, is one way developers aim to resolve Miami’s growing affordability issue.

The investment is part of the effort to expand the Berlin-based Quarters co-living and property management brand on behalf of the W5 Group and the Medici Living Group. The teams are investing $300 million of equity to expand the brand in select U.S. cities from Europe. There are 14 cities across the globe, including Miami, that are expected to receive a Quarters-branded project or already have one, including Washington, D.C., New York, Chicago, the Hague, Stuttgart, Munich, Rotterdam, Hamburg, Amsterdam, Frankfurt, Philadelphia and Düsseldorf.

The W5 Group has offices in Switzerland, New York and Miami. It established its foothold in Miami Beach in 2009.

The neighborhood continues to attract developers. A new hotel by the San Francisco-based Sonder team and an office building are also planned for Wynwood.

 

Source:  Miami Herald

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