Related, partner to close $33M loan for Lenny Kravitz-designed Wynwood project

Monthly rents will range from $1,400 to $2,800

Miami /
Apr.April 23, 2018 04:30 PM

Rendering of the Bradley, Lenny Kravitz and Jorge Perez

The Related Group and Block Capital Group broke ground on a mixed-use development in Wynwood with plans to close on a nearly $33 million construction loan later this month.

The joint venture is building the Bradley, a 175-unit apartment building with about 32,000 square feet of retail space and an underground parking garage on the site at 51 Northwest 26th Street. Related vice president Jon Paul Perez declined to identify the lender, but said the developers would close on the financing within two weeks.

Kravitz Design, Lenny Kravitz’s firm, will design the project’s interiors, Perez said. Apartments, a majority of which are considered micro units, will range from 480-square-foot studios to a 1,000-square-foot, three-bedroom unit. Rents will range from about $1,400 to $2,800 a month.

The development, previously called Wynwood 26, is expected to open in early 2020. It will feature a lobby, gym, rooftop deck with an outdoor grill and cabanas. Kravitz Design will also handle the programming.

Related partnered with Block Capital Group in 2015 when it paid $5.25 million for its 50 percent share of the 1.2-acre development site.

Related also partnered with East End Capital on a mixed-use apartment project and adjacent office building. The developers topped off Wynwood 25, the 289-unit, eight-story apartment building last week.

In December, a Los Angeles spec home designed by Kravitz hit the market for $38 million.


Related Articles

arrow_forward_ios
Jorge Perez and Jon Paul Perez with Terminal Island (Getty, iStock)
Related gets height increase needed for Terminal Island office project in Miami Beach
Related gets height increase needed for Terminal Island office project in Miami Beach
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
 Jeff Blau and One Ocean (Getty)
Related Cos. CEO Jeff Blau sells Miami Beach condo
Related Cos. CEO Jeff Blau sells Miami Beach condo
From left: Jon Paul Pérez, Gil Dezer and Matt Allen with an aerial view of 1174-1185 Hillsboro Mile (Google Maps)
Dezer, Related Group team up on waterfront Hillsboro Beach project
Dezer, Related Group team up on waterfront Hillsboro Beach project
Longtime executive Carlos Rosso leaves Related Group (Getty)
Carlos Rosso parts ways with Related Group
Carlos Rosso parts ways with Related Group
Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)
PMG adds to assemblage of planned Society Wynwood project
PMG adds to assemblage of planned Society Wynwood project
Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)
Goldman Properties buys Wynwood property for discounted $5M
Goldman Properties buys Wynwood property for discounted $5M
Pharrell Williams and David Lerner with a photo of 2545 Northwest Third Avenue and a rendering of the Billionaire Boys Club exterior (Getty, Google Maps, Lerner Family Properties)
Pharrell’s Billionaire Boys Club to open store in Wynwood
Pharrell’s Billionaire Boys Club to open store in Wynwood
arrow_forward_ios

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

Loading...