Related and East End score construction loan for Wynwood Annex
8-story, 40k sf office building is being built next to Wynwood 25 apartment building
More office space is coming to Wynwood.
Property records show East End Capital and the Related Group just closed on an $11.6 million construction loan for its Wynwood Annex office project.
Bank of the Ozarks, an active lender in Wynwood, provided the financing.
The eight-story, 40,000-square-foot office building will be built alongside the partnership’s Wynwood 25 apartment development, on the northwest corner of Northwest 24th Street and Northwest Second Avenue. The annex will include about 5,000 square feet of ground floor retail space and private terraces, and will share amenities and underground parking with Wynwood 25.
The building will be completed in mid 2019, East End’s managing principal Jonathon Yormak said in a statement. Yormak declined to name tenants.
In June, Bank of the Ozarks also loaned the developers a $57.9 million construction loan for the residential portion of the project, a 289-unit, eight-story apartment building. Wynwood 25 is one of the first major residential projects to break ground in Wynwood since large swaths of the neighborhood were rezoned in 2015.
Kobi Karp of Kobi Karp Architecture and Interior Design is designing both buildings.
Only a handful of office projects are being built in the artsy neighborhood, like RedSky Capital’s Cube Wynwyd and a planned creative office project being developed by Link Real Estate and Jameson Equities.
Related, led by Jorge Perez, entered the Wynwood market in late 2015 when it purchased a 50 percent stake in Wynwood 26, another mixed-use project. The Miami-based developer bought into Wynwood 25 in May 2017.
East End delivered its first Wynwood project, the Wynwood Arcade, last summer. Tenants there include the Salty Donut and Norman Van Aken and Southbound Hospitality’s restaurant, bar and lounge.