Alex Karakhanian teams with NY investors on luxury Wynwood hotel

The 380K sf complex would have office and retail space

Miami /
Sep.September 20, 2018 11:30 AM

(Credit: iStock)

Developer Alex Karakhanian is partnering with Wynwood Investment Partners to build a mixed-use hotel in Wynwood.

The joint venture, called Triumph Wynwood, plans to develop the 1.2-acre site at 51 Northwest 29th Street into a 12-story hotel with more than 300,000 square feet of space, a 60,000-square-foot Class A office component and 20,000 square feet of ground-floor retail.

The luxury lifestyle hotel will have about 125 rooms and feature a rooftop bar, open workspace, a restaurant with outdoor terraces, pool, spa and gym. Depending on when the joint venture breaks ground, the project could be the first hotel in Wynwood.

Karakhanian, of Lndmrk Development, said the group is in the design phase and plans to break ground in late 2019.

State records show Felix Reznick, Arie Feldman and Michael Shwarts of New York, control Wynwood Investment Partners. Felix Bendersky of F+B Hospitality Leasing represented both sides of the joint venture.

Karakhanian said the project could cost between $50 million and $75 million to develop. He paid about $9.41 million to assemble the site between 2016 and 2018.

In May, Karakhanian’s firm paid $12.2 million for an office and retail building on Northwest 25th Street in Wynwood, leased to GoPro, Scripps Network, Revlon and other tenants.

Late last year, High Cube LLC, a company controlled by Sterling Equity Realty broker Robert Ziehm, filed a building permit with the city of Miami for an eight-story, 95-room hotel at 51 and 45 Northwest 28th streets.


Related Articles

arrow_forward_ios
The Standard hotel-branded condos are coming to Midtown Miami
The Standard hotel-branded condos are coming to Midtown Miami
The Standard hotel-branded condos are coming to Midtown Miami
Qatari owner of St. Regis Bal Harbour pays off Reuben Brothers with $188M refi
Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi
Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi
Government watchdog memo reveals reasons for clearing Dan Gelber of unlawful campaign fundraising
Government watchdog memo reveals reasons for clearing Dan Gelber of unlawful campaign fundraising
Government watchdog memo reveals reasons for clearing Dan Gelber of unlawful campaign fundraising
Menin Development makes $10M play for Delray Beach hotel
Menin Development makes $10M play for Delray Beach hotel
Menin Development makes $10M play for Delray Beach hotel
Abu Dhabi sovereign wealth fund scores $180M refi of Miami Beach Edition hotel
Abu Dhabi sovereign wealth fund scores $180M refi of Miami Beach Edition hotel
Abu Dhabi sovereign wealth fund scores $180M refi of Miami Beach Edition hotel
Steve Witkoff and renderings of the Shore Club proposal (Witkoff, renderings via Kobi Karp)
Witkoff and Monroe Capital unveil major redevelopment plan for the Shore Club in Miami Beach
Witkoff and Monroe Capital unveil major redevelopment plan for the Shore Club in Miami Beach
Diesel power: Fashion brand and partner Bel Invest launch sales for Wynwood condos
Diesel power: Fashion brand and partner Bel Invest launch sales for Wynwood condos
Diesel power: Fashion brand and partner Bel Invest launch sales for Wynwood condos
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
arrow_forward_ios

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

Loading...