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12-Story Office Tower At Wynwood Plaza Tops Out

wywood plaza_photo credit the wynwood plaza dot com 1170x435

L&L Holding Co. and Oak Row Equities, with project partner Shorenstein Properties and co-investor Claure Group, have completed the vertical construction of a 12-story office tower situated within The Wynwood Plaza, a 1 million-square-foot mixed-use campus underway in Wynwood.

Upon completion, the office development will total 266,000 square feet and will feature touchless entry and elevator systems, a dedicated parking garage, fitness club, bar lounge, conference and collaboration spaces and an expansive rooftop. Tenants will include Claure Group and law firm Weitz & Luxenberg, which will occupy 25,400 and 18,000 square feet, respectively.

Located at 95 N.W. 29th St., Wynwood Plaza is scheduled for completion in the first quarter of 2025 and will feature 509 residential units, as well as 32,000 square feet of shops, cafes and restaurants.

 

Source:  RE Business

 

 

 

 

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L&L, Oak Row Land New Tenants, Start Construction On 1M SF Wynwood Plaza

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

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Wynwood Plaza Project Scores $215M Construction Loan

In yet another sign that lenders are still confident in the South Florida market, a mixed-use office development in Wynwood secured a $215 million construction loan.

Little Rock, Arkansas-based Bank OZK provided the loan to L&L Holding Company, Oak Row Equities, San Francisco-based Shorenstein Properties and Marcelo Claure’s Miami-based Claure Group for the Wynwood Plaza, a 1-million-square-foot office, apartment and retail project planned for 95 Northwest 29th Street in Miami.

The assemblage is anchored by the former Rubell Family Collection properties. Rubell moved its museum to a new space in Allapattah.

Newmark’s Dustin Stolly and Jordan Roeschlaub represented New York-based L&L and Oak Row in finding additional partners, according to a press release. Berkadia’s Scott Wadler and Michael Basinski arranged the construction loan. Bank OZK and other lenders have been providing large loans in South Florida, despite the challenging interest rate environment and the trend of banks pulling back overall.

Construction of the Wynwood Plaza will begin “immediately,” according to the release. The development could be completed in 2025. It includes a 12-story, 266,000-square-foot office building, a 509-unit luxury rental building, 32,000 square feet of indoor and outdoor retail space, and a 26,000-square-foot public plaza. Gensler is the architect and James Corner Field Operations is designing the outdoor spaces.

 

Source:  The Real Deal

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Four Projects Coming Soon To Wynwood

The evolution of the Wynwood Arts District in Miami continues with new condos, hotels, office, and retail buildings replacing the old graffiti-decorated warehouses that once served as artist workshops, galleries, and factories.

According to the Wynwood Business Improvement District, four projects are slated to break ground near North Miami Avenue within the next few years.

In late 2023, Rilea Group, a real estate development company based in Brickell, intends to start building The Mohawk Wynwood, a 12-story mixed-use building with 225 apartments, 22,000 square feet of ground floor retail, and 3,500 square feet of offices. The project includes a roof top pool deck, a dog park, a two-level gym, and a residents’ lounge.

The Mohawk Wynwood will be built on a 1.5-acre site at 56 N.E. 29th St. that the Rilea Group bought from Lombardi Properties for $22 million in June 2021. It is planned to be completed by late 2024 or early 2025, the Wynwood BID stated.

Another project by the Rilea Group, The Rider Wynwood will be a 12-story, 131-unit building with 6,000 square feet of retail, a rooftop deck pool, a dog park, a resident’s lounge, and a state-of-the-art gym.

According to the Wynwood BID, the project, which may be used as a short-term rental property, is expected to break ground in late 2023. It will be built on a 1.5-acre property at 94 N.E. 29th St. that the Rilea Group acquired for $12.21 million in October 2021.

L&L Holding and Oak Row Equities, a pair of real estate development firms with roots in New York, intend to build about 266,000 square feet of offices, 509 apartment units, about 26,000 square feet of retail, and a 25,000-square-foot outdoor public plaza at 95 N.W. 29th St.

L&L and Oak Row Equities (formerly known as Carpe Real Estate Partners) invested $53 million assembling the 2.85-acre site where Wynwood Plaza will be built.

The Related Group in Miami has teamed up with hotelier Sydell Group and New York-based TriStar Capital to build NoMad Residences at 280 N.W. 27th St. The project will include 329 short-term rental condos, 18,452 square feet of commercial and about 200 parking spaces.

The Related Group, TriStar Capital, and Lndmrk Development paid $26.5 million for the 1.25-acre site where NoMad will be built in September 2021. The project is expected to break ground early next year and projected to be finished in 2024.

 

Source:  SFBJ

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