Developers broke ground on The Wynwood Plaza on Thursday, a 1M SF mixed-used project that is the largest yet in Miami’s Arts District.
The Wynwood Plaza at 95 Northwest 29th St. is being developed by L&L Holding Co. and Oak Row Equities, which acquired the site — where the former Rubell Museum once stood — in December 2021 for $53M. California developer Shorenstein Properties and Claure Group, the family office of former SoftBank and Sprint CEO Marcelo Claure, joined the project as partners.
The development team held a groundbreaking ceremony Thursday evening commemorating the start of construction after securing a $215M loan from Bank OZK, according to a press release.
“Recognizing the need to create something of lasting value to Miami, we assembled an all-star team capable of cultivating an environment that is every bit as unique, artistic and sophisticated as the colorful neighborhood that surrounds it,” L&L co-founders David Levinson and Robert Lapidus said in a joint statement.
When it opens, which is expected to be in 2025, the Gensler-designed Wynwood Plaza will feature a 509-unit apartment building, 32K SF of retail, 6,600 SF of outdoor dining and a half-acre public plaza designed by renowned landscape architecture firm James Corner Field Operations, which designed Brickell’s Underline and Manhattan’s High Line.
Source: Bisnow