Rilea Group purchased a plot of land in Miami’s Wynwood Arts District for $21 million, where it intends to develop a condominium, dubbed the Rider at Wynwood.
Wynwood Rider LLC, a subsidiary of Miami-based Rilea Group, purchased the 31,358-square-foot property at 100 N.E. 29th Street and 101 N.E. 28th Street from The Rider Miami LLC, an entity managed by John Bogdasarian of Saline, Michigan-based Promanas. The buyer received a $11.55 million mortgage from Altamar Funding 2 Lender, with a June 25, 2025 maturity date.
There is a 6,470-square-foot commercial structure on the property right now, but it is largely empty.
The property last traded for $12.2 million in 2021.
Sales at the Rider at Wynwood were introduced by Rilea Group in March. The project plans twelve floors and 146 units with short-term rentals allowed. The condos would come completely furnished and range in size from 511 square feet for a studio to 1,612 square feet for a three-bedroom unit. Their prices range from $1.8 million to the $600,000s.
Source: SFBJ