First major residential project in Wynwood breaks ground
East End Capital and The Related Group celebrated an official groundbreaking ceremony on July 10 for Wynwood 25, a mixed-use development set to bring 289 rental apartments to Miami’s Wynwood neighborhood.
The development is the area’s first major residential project to utilize the 2015 Neighborhood Revitalization District Plan’s zoning changes, and is expected to be completed the summer of 2019, with 80 percent of its units projected to rent for under $2,000 per month.
Located between NW 24th and 25th streets immediately west of NW Second Avenue, the 450,000-square-foot project will bring 31,000 square feet of ground floor retail space and 340 parking spaces to Wynwood.
“Wynwood 25 is an original. For the first time, a Wynwood apartment project is going to bring reasonably priced, highly amenitized living options to the city’s most creative and artistic neighborhood,” said David Peretz, co-developer for Wynwood 25 and co-founder of East End Capital.
“We are extremely pleased to be the first NRD-based project out of the ground,” added Jonathon Yormak, co-developer for Wynwood 25, co-founder of East End Capital and Wynwood Business Improvement District board member.
“The viability of this project exemplifies the great work that the city’s zoning department and the commissioners did with respect to Wynwood’s re-zoning,” he added.
“Projects like Wynwood 25 are key for the neighborhood to reach its full potential. Wynwood already had some of the city’s favorite restaurants, coffee shops and other destinations, but we saw a huge demand for urban living options. People have fallen in love with the neighborhood’s unique, walkable culture and now it can be their permanent lifestyle,” said Jon Paul Perez, co-developer for Wynwood 25 and vice president of The Related Group. “We look forward to setting the standard for all future projects in the area and delivering a product that complements the vibrant and walkable Wynwood Arts District.”
The groundbreaking comes on the heels of the team closing on $58 million in construction financing from the Bank of the Ozarks, ensuring the project has a solid foundation for its completion.
Residents will be able to enjoy a number of modern amenities that include a large state-of-the-art fitness center with yoga studio, collaborative work-from-home spaces, a coffee lounge opening onto the building’s 12,000-square-foot green courtyard, bike storage, package storage, and dog wash facilities. The project designed by Kobi Karp will also feature a landscaped roof terrace that includes a pool, barbeque, movie screen, outdoor and covered work areas, and green areas from which to take in the best views in Wynwood, Biscayne Bay and Miami Beach.
“The vision behind creating the masterpiece of Wynwood 25 was to design a project that truly enhances the creative neighborhood of Wynwood,” said the project’s architect, Kobi Karp, founder and principal of Kobi Karp Architecture and Interior Design Inc. “The Wynwood community is always evolving. Our goal was to create a project that has a sleek and modern design to become an iconic building in this thriving, vibrant community.”