The Real Deal Miami

Alex Karakhanian teams with NY investors on luxury Wynwood hotel

The 380K sf complex would have office and retail space
By Katherine Kallergis | September 20, 2018 11:30AM

(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.