PMG Buys Wynwood Land, Will Build 220 Co-Living Apartments With Hotel, Rooftop Bar & Ground Floor Retail

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

 

 

57
Leave a Reply

  Comment Notifications  
newest oldest most voted
Notify of
Anonymous

PMG is a great developer that is doing good to South Florida.

Anonymous

You’re right.. top end developer with quality finishes.

Good for Wynwood.. a lot of projects in the works.

Anonymous

Barely above Related, or Melo for that matter. X Miami ended up a total disaster.

Anonymous

I think that XMiami is nice. Both Echos are great.
Muse looks gorgeous.
Waldorf Astoria is going to be great.

PMG far outshines anything Melo has ever delivered.

Anonymous

Why wait to break ground next summer? The demand in Wynwood is very hot!!

Anonymous

Gotta wait for the FAA to finish their usual ten months to a year study.

Anonymous

Bring the rooftop bar now!!!

Anonymous

46 Million. Wow.

Anonymous

Need your big boy money.

Anonymous

Do you guys think Wynwood will stay special? I love the artistic facades, but I’m starting lose the understanding of why it will be a draw in 5 years. Especially when traffic becomes crazy just to get to a highway.

Anonymous

That is why 29th street needs a highway exit and entrance.

Anonymous

I hear Wynwood is getting an I-95 ramp.

Anonymous

We don’t need highway access to clog it with traffic. It’s doing just fine with Uber/Lyft.
Providing jobs and less traffic

Anonymous

We need a highway entrance to service wynwood.

Anonymous

Since when does uber or lyft reduce traffic? Aren’t they cars, and don’t they use the same roads/highways

Anonymous

No, an uber driver can bring a dozen rides in one night into Wynwood and another dozen out. So one driver took care of 24 cars

Anonymous

LMAO

Anonymous

No, that’s why it doesn’t.

Anonymous

That is why all they have to do is extend the Metro-mover and then you’ll be able to get around Wynwood without a care about traffic.

Anonymous

I am a downtown resident and occasionally use Metromover. It is terribly slow, and often times impractical. This is mostly because Miami-Dade Transit does not have enough Metromover cars, and runs antiquated software that does not allow the cars to run faster. As it is, Metromover is not the cure-all-solution most people claim it should be. People would still jump into their cars if it is faster.

Anonymous

Uber is faster.. no hassle

Anonymous

But you don’t have to pay a fare (for now) to ride on the Metro-mover.

Anonymous

exactly… i take it when i’m not in a hurry and don’t want to be bothered with traffic or parking. but it is slow. and who are all the dumb asses that thinks the city can just extend it — what – over private land? over the street? should have thought of this years ago.

Anonymous

With clueless dummies like you, it’s no wonder nothing has been done with the Metro-mover in over twenty years.

Anonymous

EXACTLY — who is going to want to live in a tiny micro apt and walk out the door and only see other tiny micro apt buildings. what will be the appeal? the demographic has changed – tour bus with selfie stick people making duck lips in front of murals that will be bulldozed to make way for micro unit.

Anonymous

You mean, there are no bars clubs and restaurants to go to in the area?

Anonymous

forget it these people have no idea what mico living is all about.

Anonymous

And, what about green spaces!?
This is nothing like the luxury living of Brooklyn ……
How could you live in a micro-apartment and have nothing but WeWork and coffee houses outside? (and those micro-breweries in Wynwood) .
The Wynwood thing …… Sure, a ton of 25 year olds walking around….. but, that is about it.

Anonymous

Exactly, I mean at least Allapatah has metrorail. Wynwood will be so clogged up in the next 5 years it will be impossible to come in or out.

Anonymous

Plenty of other 25 year olds interesting in living with their cohort. When you say “that is about it” you miss the point entirely, that IS IT. In a metro of over 6 million people, you can bet there are enough to fill up 220 units.

Anonymous

Attainable priced luxury…. They’ve just paid $46 mil for the lot, the units cant start anywhere below $700k

Anonymous

apartments.

Anonymous

OVERPAID!

Anonymous

Rents here gonna be $200+/ft

Anonymous

Most expensive rentals actually go closer to $3/SF

Anonymous

Wynwood 25 rents some units above $3.5/sf

Anonymous

Why is that pancake butt in wynwood, 45 inches or above in this area lady.

Anonymous

lmfao. she is supper flat.

Anonymous

Looks like Tannehill’s ole lady.

POLO

PMG, build the supertall!

Markavious Rolle

Who would have believed these developments to be annouced near the gate of Overtown.

Carlos

These big developers create the housing crisis by limiting the amount of units that get built in the city, that way they keep rising prices, now they bring what they believe is “the solution “ to the crisis, which is pretty much to make people live in smaller spaces but charge them more per square feet.

Go North young man

$46 Million? There are better deals further north in Little River. More land too…

Azarius

I can’t believe they actually believe they are presenting a options for affordable housing rotflmao!!!! When u have to pay upward a thousand dollars for a bedroom with shared living space that’s not affordable!!!! That’s a rip off! We need real affordable options not just a half ass attempt just to throw terms around like they actually care

Anonymous

Move to homestead.. and don’t try living in the hottest neighborhoods.

Anonymous

I remember when I was young reading the Herald as a kid and saw the news article on Claughton Island being turned into “Brickell Key”. It was to have 1/3rd Luxury, 1/3rd Middle Class housing and 1/3rd Affordable Housing.
Ha HA ! ha!
or as we say
JAJAJAJAJAJAJAJA

Anonymous

funny – they bulldoze all the cool stuff that was Wynwood (galleries, Wynwood Yard, etc.) to make way for condos – when they are all living there will nothing to do and cool stuff all gone. so gross. typical Miami.

Anonymous

Fake news

Anonymous

So you’re mad because the person who owned where the Wynwood Yard used to be sold it?

Anonymous

You really have no clue. Get out and see the world. Cool cities have buildings with living quarters on top and retail on the street level floors. It’s called density and it makes cities thrive and interesting.

John Patagonia

Overpaid for the land. Not sure how PMG and their investors will make a return on their capital but I’m happy to see areas of Wynwood get redeveloped.

Anonymous

I f**king KNEW we should have reached out to John Patagonia before we closed! ?‍♂️

Anonymous

Yeah.. if you want expert advice, just read the comments section of TNM.

Anonymous

That area is Downtown Wynwood

Anonymous

No such thing.

Anonymous

errr…. that is the epicenter of Wynwood. The value of the land decreases as you move away from this area on NW 2nd Ave.

Anonymous

downtown? hahahaha