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
Setai Miami Beach and owners Joe, Ralph and Avi Nakash. (Setai)
Setai Miami Beach bans unwelcome hotel guest from using amenities: lawsuit
Setai Miami Beach bans unwelcome hotel guest from using amenities: lawsuit
UOVO Founder Steven Guttman (UOVO)
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
Chef Jorge Kauam and 310 Northwest 25th Street 
Investors team up with pastry chef and chocolatier for planned Wynwood market
Investors team up with pastry chef and chocolatier for planned Wynwood market
RedSky Capital’s Benjamin Bernstein and 2159 Northwest First Court (Redsky, Google Maps, iStock)
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
Russell Galbut and a rendering of the project (Studio MCG Architecture)
Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants
Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Ronny Finvarb with a rendering of 1790 Alton Road (GEK Architecture)
Miami Beach to prohibit hotels in Sunset Harbour? Zoning overhaul could derail Ronny Finvarb’s project
Miami Beach to prohibit hotels in Sunset Harbour? Zoning overhaul could derail Ronny Finvarb’s project
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, iStock, Banyan Cay)
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
arrow_forward_ios

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

Loading...