RedSky wants to build hip new lofts next to 250 Wynwood

Miami /
Jul.July 12, 2016 05:15 PM

RedSky Capital is joining the roster of developers looking to transform Wynwood.

The Brooklyn-based company has filed plans to build 222 Wynwood, an eight-story building with work/live lofts and an industrial feel.

According to documents uploaded by the Next Miami, RedSky is looking to redevelop the 14,625-square-foot slice of vacant land it bought for $5.85 million late last year.

Located at 222-234 Northwest 24th Street, the site is directly next to the neighborhood’s condo building, 250 Wynwood, which was completed in 2015 by the Fortis Development Group.

RedSky’s plans show an eight-story building designed by Arquitectonica with exposed concrete masonry, large glass windows and zero balconies.

The building would house 35 live/work lofts, though the exact nature of those units — if they’re meant to house both bedrooms and office space — is unknown. The project would also house 7,780 square feet of retail on the ground floor, plus a shaded rooftop deck that could be used as a venue space.

Each floor would have five units ranging from 1,550 square feet to 1,990 square feet, according to Arquitectonica’s design.

RedSky has also requested a parking waiver to use a nearby surface lot instead of building parking spaces alongside the project, according to the Next Miami. The plans are set to go before Wynwood’s Design Review Board this month.

The company is among a handful of New York real estate powerhouses that have snatched up swaths of Wynwood for hundreds of millions of dollars in recent years. Besides its reputation as a cultural hub, Wynwood’s newly approved up-zoning has opened the door for urban development, and companies like the Related Group, East End Capital, One Real Estate Investment and Thor Equities are already taking advantage by submitting plans for mixed-use projects that are heavy on residential components.

In the nearby Design District, RedSky and JZ Capital Partners assembled nearly an entire block for roughly $236 million. [The Next Miami]Sean Stewart-Muniz


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