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Related Group’s Nick Perez On Wynwood’s Transformation And The Future Of Development In This Burgeoning Neighborhood

The Wynwood Arts District, famously known for its striking graffiti walls and vibrant arts and entertainment scenes, is now one of Miami’s most desirable places to live, work and play, with some of the biggest names in tech, dining, fashion and hospitality setting up shop in the neighborhood.

Leading this charge is real estate powerhouse, Related Group, the first developer to enter Wynwood in 2019 with the area’s first ground-up rental community, Wynwood 25, and the firm behind the premier Class-A office building, Wynwood Annex.

Now, Related is betting big on the future of Wynwood’s luxury residential market with NoMad Residences Wynwood, the first hospitality-infused condominium from the iconic brand, NoMad Hotels.

PROFILEmiami had the opportunity to speak with Related Group’s Senior Vice President Nick Pérez to learn more about this exciting new development and what the future holds for the area.

PROFILEmiami (PM): What initially attracted Related Group to Wynwood?

Nick Pérez (NP): JP Pérez, the President of the Related Group, initially convinced our father, Jorge Pérez, to enter the Wynwood neighborhood, which has been one of our most successful plays to date. When Related chose to build Wynwood 25, our first large-scale rental development in the neighborhood, we were impressed by the art district’s popularity with locals and tourists alike. We recognized that while millions of people were visiting Wynwood each year, there were no existing large-scale residential communities that catered to locals. It was this lack of quality housing supply that compelled us to deliver Wynwood 25, which opened four years ago, and has since ignited a wave of residential development that has transformed the area into one of the hottest rental markets in the county.

Thanks to JP’s visionary foresight, our bet paid off in a big way and today we are the single most active developer in Wynwood. Related alone has a total portfolio, including units completed and under development, of more than 1,250 luxury rental apartments in the neighborhood. Similar to our rental projects, we hope that the NoMad Residences Wynwood will set an example for other condominium developers to follow. Not only are we creating a high-quality building that our buyers will be proud to call home, but we are incorporating a wealth of food and beverage options that will be open to the public and contribute to Wynwood’s dynamic community.

We’re exceptionally proud of the progress we’ve made to date and look forward to the building’s groundbreaking later this year.

PM: Talk to us more about NoMad Residences Wynwood. How did the project come to be?

NP: As one of the pioneers behind the branded residences trend in Miami, we recognized the potential for a partnership with a reputable hospitality brand to envision a new type of condominium offering in Wynwood. The philosophy behind NoMad Hotels is grounded in the idea of the hotel as a great home, which spoke to us as residential developers. The brand’s expertise in creating and activating artfully-lived spaces made it the ideal partner for this project.

Furthermore, the NoMad New York was credited for transforming Manhattan’s North of Madison enclave into one of the city’s most in-demand neighborhoods, and we feel strongly that the NoMad Residences Wynwood will further contribute to Wynwood’s incredible evolution, leading it to become one of Miami’s most inspired and sought-after destinations.

We developed NoMad Residences Wynwood in partnership with New York-based Tricap and collaborated with our globally-renowned design partners, DesignAgency and Arquitectonica. In addition to a full suite of resort-style amenities, the nine-story building will include two signature food and beverage offerings that will be open to the public, including the rooftop restaurant and mixology bar, The NoMad Bar. On NoMad Wynwood’s ground floor, residents and the community can enjoy a Casa Tua Cucina, an expansive open-kitchen concept offering simple, yet expertly crafted Italian and Mediterranean fare.

PM: Wynwood is rapidly transforming into Miami’s tech epicenter. How have Related’s properties contributed to this growth?

NP: In the wake of the pandemic, Wynwood became a major hub for innovators within the tech and finance spaces, including Founders Fund, Atomic Venture Capital and Live Nation Entertainment, which opened offices at The Annex.

The range of forthcoming hospitality and residential offerings, including the Arlo Hotel, Moxy Hotel and the Related communities, will cater to the needs of this growing workforce, much of which is looking to put down roots in the neighborhood.

In fact, this growing tech population paired with the highly regarded NoMad brand has directly translated into robust sales activity at NoMad Residences Wynwood. More than 50% of the building’s 329 fully-furnished homes are already in contract, including one priced at roughly $2,000 per square foot, which shattered neighborhood price records.

PM: Why is the neighborhood attractive to companies wanting to open an office in Miami?

NP: South Florida has experienced tremendous population growth in recent years as many people relocated from New York City, Chicago, Atlanta and parts of Texas.

Wynwood is unique in that it offers a highly creative environment with proximity to the Miami Design District, Midtown and Miami Beach, making it an ideal location for companies looking to tap into the city’s diverse business and cultural communities. The neighborhood is home to acclaimed art galleries, luxury boutiques and Michelin-star and five-star restaurants, all of which contribute to its appeal.

Source:  Profile Miami

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Iconic New York Eatery Joe’s Pizza To Open First Miami Location In Wynwood

DWNTWN Realty Advisors Co-Founder and Managing Partner Tony Arellano and Executive Joe Fernandez are curating one of Wynwood’s signature buildings with a compelling mix of tenants. In the latest example, the brokers represented Wynwood 25’s owners in a long-term lease with New York staple Joe’s Pizza.

Joe’s Pizza, the family owned and operated “Greenwich Village institution” since 1975, is set to open its first Miami location at Wynwood 25. The 1,758-square-foot eatery is scheduled to debut in spring 2022. It joins the award-winning Japanese restaurant Uchi Miami, Danny Meyer-backed Salt & Straw, Bartaco and Dogfish Head Miami as notable Wynwood 25 food-and-beverage tenants.

Wynwood 25 has 289 apartment units and about 30,000 square feet of retail and restaurant space.

“We are thrilled to play a pivotal role in Wynwood becoming one of Miami’s top food-and-beverage submarkets, in terms of both sales metrics and brand recognition,” Arellano said. “Demand from New York operators like Joe’s Pizza is at historically high levels. Wynwood 25, with its turnkey ground-floor restaurant space and proximity to thousands of residents, professionals and visitors, was a perfect option for Joe’s inaugural Miami location.”

Jared Robins, Founder of INHOUSE COMMERCIAL – a Miami-based firm launched in 2021 and focusing on retail leasing in South Florida, and John Ellis, Managing Director of Newmark, represented Joe’s Pizza in the Wynwood 25 lease.

Joe’s Pizza Founder Joe Pozzuoli is originally from Naples, Italy and still owns and operates his flagship New York location at 84 years old. His son, Joe, Jr., and grandchildren Sal and Pino Vitale are part of the ownership and operations team in Miami. Locals and tourists alike flock to Joe’s for an authentic New York street slice.

“After an extensive search, Joe’s Pizza zeroed in on Wynwood for its first foray into Miami,” Fernandez said. “With such a huge following up north, Joe’s will greatly benefit from the New York migration into Wynwood and the substantial pipeline of new office and residential development. The residential component of Wynwood 25 also made the building a particularly attractive option for Joe’s.”

Arellano and fellow Co-Founder and Managing Partner Devlin Marinoff have more than $100 million in pending transactions in Wynwood, and the firm has participated in more than $350 million in investment and development sales in the neighborhood over the last few years.

Over the course of his career, Arellano has completed more than 250 leases in Wynwood and played a pivotal role in the neighborhood’s evolution from an overlooked, largely neglected collection of old industrial buildings into a vibrant hub for arts and culture, retail, restaurants and nightlife.

 

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New Office-Apartment Project In Miami’s Wynwood Gets $136 Million Refi

A recently completed office-apartment project in Miami’s booming Wynwood Arts District just secured $136 million in refinancing to pay off construction loans.

The Wynwood 25 apartment building and adjacent Wynwood Annex office building opened last year.

Development team East End Capital, based in New York with a Miami office, and the Miami-based Related Group, founded and led by Jorge Perez, secured the loan from The Blackstone Group Inc.’s Blackstone Real Estate Debt Strategies.

The nine-story, 289-unit Wynwood 25 and the 60,000-square-foot Wynwood Annex sit on the northwest corner of Northwest Second Avenue and 24th Street.

Wynwood 25, which was completed last June, is 90% leased. The market-rate building at 240 NW 25th St. offers units from 400-square-foot studios to three-bedroom apartments. Amenities include an electric car charging station, heated pool with sundeck, rooftop lounge and kitchen, library with coworking areas, gym, pet grooming area and 24/7 concierge.

Wynwood Annex was built with an eye toward tenants in the technology, advertising and marketing fields. Its first tenant is the California-based Live Nation entertainment company, which took a full floor. The building has loft-style offices with 18-foot ceilings and a rooftop terrace.

The office building has 4,429 square feet of ground-floor retail and the apartment building has 28,518 square feet of retail, including the Salt & Straw ice cream shop and the Uchi restaurant, which will open soon.

The financing is another project milestone officially marking its completion, Jonathon Yormak, founder and managing principal at East End, said in a news release.

About $110 million of the proceeds was used for Wynwood 25 and the balance for Wynwood Annex.

 

 

Source:  DBR

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