The Related Group is going all in on the condominium market in Miami’s Wynwood enclave with its … [+]
The Related Group
From coast to coast, formerly industrial areas are being transitioned into white hot urban enclaves. None, however, are as sizzling as Miami’s Wynwood, a neighborhood north of downtown Miami and Overton, and bordering Edgewater.
A destination for Puerto Rican immigrants beginning in the 1950s, Wynwood went from being known as “Little San Juan” to a mecca for 21st Century investment starting about two decades ago. More recently, the ‘hood has morphed from a haven for creatives to a home for big-name technology and financial firms from California and the Northeast. In the wake of the relocation of Founders Fund to Wynwood, the district has welcomed household name corporations Spotify, PwC and Live Nation.
Add smaller shops ranging from law firms to boutiques, homegrown Florida businesses as well as arrivals from out of state, and the kinds of dining, hospitality and cultural enterprises that sprout in swiftly gentrifying nooks, and you’ve crafted a market some are terming the hottest in the nation.
“Wynwood has gone from a largely abandoned, industrial warehouse district to one of the most popular destinations in the world, welcoming over 15 million annual visitors,” says Manny Gonzalez, Wynwood Business Improvement District (BID) executive director. “As the neighborhood continues to evolve, this hotspot for arts and entertainment is now also becoming the city’s tech epicenter, with many innovative companies relocating to Miami from New York and San Francisco.
“Thanks to its convenient location and high walkability, Wynwood has become an exceptional destination for professionals to live and work.”
Tower influx
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Following the arrival of hostelries Arlo Hotel and Moxy Wynwood, and that of five-star bistros Pastis, KYU and others, what could be more natural than an influx of design-forward residential properties to house newly arrived incomers from all over the world? The Wynwood BID reports 1,482 residential units have been completed since 2020. Another 1,737 units are under development. The residential units go along with 183,349 square feet of commercial space and 264,518 square feet of office.
After serving as a Wynwood trailblazer four years ago with the unveiling of its Wynwood 25 residential property, Related Group is going all in on Wynwood’s condominium market with its NoMad Residences Wynwood, set to open next year at 2700 NE Second Ave. In partnership with developer Tricap, Related is developing the nine-story, 329-unit structure that will house rooftop restaurant and mixology bar concept The NoMad Bar. Also featured will be Casa Tua Cucina, a sprawling Italian open-kitchen restaurant.
Related is convinced Wynwood is ready. “We’ve seen firsthand how the arrival of the tech industry has transformed Wynwood into a thriving hub for business, finance, culture and cuisine, creating a surge in demand for luxury condominium residences as a result,” says Nick Perez, president of Related Group’s condominium division.
Giving assurance
Meantime, the enclave’s first fashion-branded luxury condominium, Diesel Wynwood at 121 NW 28th Street, is also slated for a 2024 unveiling. An eight-story, 159-loft-unit building, Diesel Wynwood will deliver micro studios to three-bedroom condominiums along with 14 two-story penthouses. Development of the LEED- and WELL-certified property is being shepherded by international real estate investment and development firm Bel Invest. It is designed by Zyscovich Architects.
Completed last year, The Dorsey is among the properties it has recently developed that imbued Related with assurance Wynwood was the right place for NoMad Residences. LNDMRK Development and Tricera Capital partnered with Related on the 12-story 306-unit mixed-use building at 286 Northwest 29th Street.
The Dorsey offers 35,000 square feet of retail space and more than 70,000 square feet of Class A office space. The office square footage has now been completely spoken for, ample proof if any were needed of Wynwood’s surging appeal to incoming employers from both coasts.