RedSky Capital launches Wynwood’s first new office building

Asking rents will range from about $38 to $42 per square foot triple net

TRD MIAMI /
Dec.December 02, 2016 02:15 PM

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.


Related Articles

arrow_forward_ios
Jorge Pérez and Jon Paul Pérez with the Wynwood properties

Related Group pays $19M for Wynwood development site

Related Group pays $19M for Wynwood development site
Clockwise from top left: 3995 North Miami Ave., 5 Northeast 39th St., 1 Northeast 40th St. through 35 Northeast 40th St. (Credit: Google Maps, iStock)

Lender lists troubled RedSky’s Miami Design District portfolio

Lender lists troubled RedSky’s Miami Design District portfolio
From left: David Weitz, Steve Wernick, Michael Lirtzman, Joe Furst, and Erik Rutter

Silicon Valley heads to Wynwood’s office market

Silicon Valley heads to Wynwood’s office market
Stuart Miller, Wynwood Green

Lennar scores $45M construction loan for Wynwood apartment project

Lennar scores $45M construction loan for Wynwood apartment project
Wynwood 25

Wynwood BID proposes to allow outdoor music until 3 a.m.

Wynwood BID proposes to allow outdoor music until 3 a.m.
Rendering of East End Capital

East End Capital launches co-living platform with first project in Wynwood

East End Capital launches co-living platform with first project in Wynwood
Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Kushner lands $18M loan for Wynwood projects
From left: Illustrations of Moishe Mana, David Polinsky, Jessica Goldman-Srebnick, and Joseph Furst (Credit: Romain Maurice / Stringer and Patrick McMullan / Getty Images)

Developers speak out against Moishe Mana as he compares Wynwood campaign to the Arab Spring

Developers speak out against Moishe Mana as he compares Wynwood campaign to the Arab Spring
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...