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Carpe Real Estate Partners scores financing for mixed-use project in Wynwood
Developer will convert four warehouses and courtyard into creative office and retail space
Carpe Real Estate Partners just closed on a $10 million construction and acquisition loan for Oasis at Wynwood, a mixed-use adaptive reuse project on North Miami Avenue.
Iberia Bank is the lender. David Weitz and Erik Rutter of Carpe paid $14 million in March for the 1.65-acre site at 2335 North Miami Avenue from Goltens Miami, a marine engine repair company.
As planned, Carpe will convert four warehouses totaling 35,000 square feet and a 35,000-square-foot courtyard. Rutter said the firm is in permitting and plans to break ground on the creative office and retail development “imminently” and turn the spaces over to tenants as early as December 2019. The developer plans to go before the Wynwood Design Review Committee soon.
The project will include about 20,000 square feet of office space with 30-foot ceiling heights, a private deck, 4,000 square feet of mezzanine space and access to parking; 17,000 square feet of flexible retail; a courtyard with an outdoor food hall, public seating, landscaping and art exhibits, according to its website. Six shipping containers will be able to house up to 12 vendors.
Zach Winkler of JLL is handling retail leasing and Brian Gale of Cushman & Wakefield is handling office leasing. Rutter declined to provide asking rates.
Carpe could eventually build a new project on the site. The property is zoned T-6-8 and T-5, which means it can be developed into 12 and eight stories, and between 400,000 square feet and 600,000 square feet.