Two Venezuelan investment groups have teamed up to launch a new condo project in Wynwood, as the artsy Miami neighborhood continues to attract more residential development.
WYN 26, a 15-unit building with ground floor retail space at 50 and 58 Northwest 26th Street will mark the first development in the United States for the Alvarez Group and the Palmar Group, Enrique Alvarez, a director of the joint entity told The Real Deal. The families, involved in the construction industry, have co-developed and built low-income housing in Venezuela and Panama for 12 years.
“We decided to come to the United States and invest here,” Alvarez said. “Even though we [build] low income housing in Venezuela and Panama, we decided to come here to do high-end. We are doing a boutique building, upscale that [fits into] the Wynwood idea.”
The families are investing $2.5 million in equity in the project, he told TRD.
Sales for WYN 26 began a few weeks ago, and so far three units have been presold to buyers from Venezuela, Panama and Miami, Alvarez said.
Designed by architect Antonio Rodriguez, the modern-style building will have five floors of condos, sized in three configurations: two-bedroom, two bathroom units with 1,057 square feet; and two bedroom, two-and-a-half bedroom units with 1,416 square feet and 1,457 square feet. Each unit will come with two parking spaces.
Prices range from the mid-$500,000s to the mid-$800,000s, or between $520 per square foot to $560 per square foot. To keep maintenance costs down, the building will not have a pool or fitness center, Alvarez said.
The 1,400-square-foot ground floor retail space is also for sale for $875,000, or $625 per square foot.
Deposits required for the condos are 40 percent, rather than the typical 50 percent found in Miami, “to be more competitive,” Alvarez said. The equity the families are putting in also lowered the amount of deposits necessary, he added.
The group is in talks with Ocean Bank and hopes to receive about $4.5 million in financing, he said. Construction is expected to begin in about April and will take one year, Alvarez said.
Wynwood is booming with new development, as it transforms from a warehouse and discount retail district into a flourishing commercial and residential neighborhood. A slew of high-density mixed-use projects have been proposed that could altogether add about 1,000 residential units and 3.9 million square feet of retail space.
A flurry of high-end shops have also opened including Warby Parker, Marine Layer, Illesteva and Shinola, and Scotch & Soda is opening soon, while new dining spots include Wynwood Diner, KYU, Salty Donut and Federal Donuts. Other nearby businesses include Ducati, Panther Coffee, Wynwood Kitchen & Bar, R House, Gravity Brewery and Boxelder Craft Beer Market.
Alvarez said that’s why the investors chose Wynwood for their first U.S. project. “With all the development happening in Wynwood, with all the artists’ galleries, shops, restaurants, the atmosphere, it’s a very nice area,” Alvarez said. “We love it and we decided to invest here.”