Related Group buys into East End Capital’s Wynwood project
The Related Group will jump in as a 50-50 partner on East End Capital’s Wynwood 25 mixed-use project, the two firms announced on Wednesday.
Related and East End will break ground on the 289-unit rental development this summer and deliver the building in 2019, East End founder Jonathon Yormak said. Yormak declined to provide the total project cost, but said the project is close to securing construction financing that would cover about 55 percent of the cost.
Wynwood 25, at 339 Northwest 24th Street, will also include about 31,000 square feet of retail space and 340 parking spaces. The apartments will be “efficiently” sized and start at about $1,400 a month, Yormak said. Most units will be studios and one-bedrooms, and come with washer/dryers, high-end kitchens and bathrooms, and up to 12-foot ceilings. The project is geared toward the young working class, millennials included.
In February, the Wynwood Business Improvement District’s Design and Review Committee signed off on the first request to relocate a portion of the air rights above the Wynwood Arcade to Wynwood 25.
The project is one of several rental apartment buildings planned for the artsy neighborhood.
Amenities at the project will include a gym with a yoga studio, workspaces, a coffee lounge that opens up to a 12,000-square-foot green courtyard, bike and package storage, dog wash facilities, and a landscaped roof with a pool, grill, movie screen and more, according to a press release.
East End has been in Wynwood for years, and delivered its first project, the Wynwood Arcade, last summer. That development, an adaptive re-use project, is home to the Salty Donut, among other restaurants and retailers.
Related entered the Wynwood market in late 2015 when it purchased a 50 percent stake in another mixed-use project, Wynwood 26. Block Capital Group and Related are co-developing the 174-unit residential and retail project with micro units at 51 Northwest 26th Street. The Miami-based developer, led by Jorge Perez, recently sold a newly completed apartment project in Pembroke Pines for $87 million.