The Real Deal Miami

RedSky Capital launches Wynwood’s first new office building

Asking rents will range from about $38 to $42 per square foot triple net
Rendering of Cube Wynwyd. Inset: Tere Blanca

Rendering of Cube Wynwyd. Inset: Tere Blanca

A loft-style office building is set to rise in between Panther Coffee and 250 Wynwood in the artsy neighborhood.

RedSky Capital plans to develop Cube Wynwyd, an 8-story office building at 222 Northwest 24th Street, Tere Blanca told The Real Deal. Her firm will handle leasing for the project, which will include nearly 80,000 square feet of office space and about 11,400 square feet of retail space.

Arquitectonica is designing the LEED-certified building, which will include a rooftop terrace and 30-foot breezeway on the ground floor. It’s slated to open in 2018.

RedSky bought the 14,625-square-foot development site from its neighbors, the developer of 250 Wynwood, in 2015 for $5.85 million. This summer, the New York-based developer and investor submitted plans for the project, then called 222 Wynwood. At the time, it was unclear whether the building would be residential or office.

“We have so much demand from companies that want to be located in Wynwood but aren’t able to find the right office space,” Blanca, president of Blanca Commercial Real Estate, told TRD. She said she has a list of tenants, local and national, on a waiting list for office space in Wynwood.

Asking rents will range from about $38 to $42 per square foot triple net for spaces that go up to a full 11,360-square-foot floor. Blanca is handling leasing along with Danet Linares and Flavia Eternod from her firm.

Amenities will include valet service, Wi-Fi in the common spaces, a second generator for tenants, and restaurant and retail tenants on the ground floor.

RedSky, led by Ben Bernstein, paid about $31 million, or $565 per square foot, for a 1.25-acre site at 2700 Northwest Second Avenue earlier this year. That’s significantly higher than the $400 per square foot RedSky spent on the office building site.