UPDATED, Nov. 29, 4:05 p.m.: Diesel is sizing up real estate development, choosing Miami’s Wynwood as the location for its first real estate project.
The Italian retail clothing’s Diesel Living line is partnering with Bel Invest Group, an international real estate investment company based in Vicenza, Italy, to build a 143-unit condominium complex in the artsy neighborhood, Women’s Wear Daily first reported.
Zyscovich Architects is designing the project, which will have a “loft-style” design, 226,000 square feet of residential space and about 24,000 square feet of ground-floor retail space. Diesel and Bel Invest expect to launch presales in the first quarter of next year.
Diesel Living at Salone de Mobile Shanghai
The project marks the first in the U.S. for Bel Invest, with also has offices in Miami, Berlin and Barcelona. It will be built on a six-lot, nearly 1-acre site at 115 to 161 Northwest 28th Street, next to land owned by the Related Group and Tony Cho. Related and Cho are also planning a residential project on that property, and have said it could be micro condos.
Few condo projects have been built in Wynwood, where a majority of construction underway is for rental, boutique office and rental buildings.
Records show Bel Invest Wynwood assembled the lots for a combined $9.6 million between 2015 and 2017.
Diesel isn’t the first clothing company with a furnishings line to partner with a residential developer in South Florida. Missoni and OKO Group are building Missoni Baia in Edgewater. About two years ago, Fendi and the Chateau Group completed Fendi Chateau, the first Fendi-branded condo building in the world in Surfside. Related and Dezer Development are also completing construction of the Residences by Armani/Casa in Sunny Isles Beach.
An earlier version of this story misstated the amount Bel Invest paid for the Wynwood assemblage and where the company is headquartered.