Another big project is coming to Wynwood – including apartments, hotel, retail, and a rooftop bar.
PMG and Greybrook Realty Partners said today they closed on a 1.6-acre property at 2431 NW 2nd Avenue for $46 million – their first in the neighborhood.
The developers will build 220 co-living apartment units, along with a hotel component. There will also be more than 35,000 square feet of retail and a rooftop bar and restaurant. Tricera Capital, led by Scott Sherman and Ben Mandell, is set to acquire the ground floor retail component.
Groundbreaking will take place next summer.
“Wynwood is one of the most walkable and vibrant areas in Miami. It is the perfect location for our latest project as we continue expanding throughout South Florida and beyond,” said Ryan Shear, Managing Partner of PMG.
The apartments will be “attainably priced luxury” units with “abundant and activated amenity spaces designed with an elevated and inclusive aesthetic.” It will be marketed under a newly created multi-family brand that will launch soon.
“We believe the development’s social living and co-living offering is a solution to the housing affordability challenges faced by a growing demographic of renters across many large U.S. urban centers like Miami,” said Peter Politis, CEO of Greybrook Realty Partners. “Faced with rising housing costs, flat wage growth and changing lifestyle preferences, our turnkey rental options coupled with premium lifestyle amenities and curated programming deliver an attractive value proposition to residents and a strong investment opportunity for our investors.”
PMG and Greybrook Realty Partners are currently co-developing a number of projects throughout South
Florida, including the 49-story 400 Biscayne project in downtown Miami, which recently broke ground;
and their Las Olas project, which will begin leasing in Q4 2019