Miami’s biggest condo builder is preparing to complete two rental projects in Wynwood this year, with rents starting at $1,400.
The Related Group will open its leasing center for Wynwood 25, a 285-unit project it’s developing with East End Capital, in about a month with a late spring/early summer opening date, Related Vice President Jon Paul Pérez said.
The project is one of possibly three rental developments that Related is working on in the artsy neighborhood. On Friday, Related topped off The Bradley, a 175-unit building at 51 Northwest 26th Street. Units will start at 480 square feet with rents in the low $1,400s and the majority of rents under $2,000, Pérez said. Two-bedroom units will be as large as 1,000 square feet.
Related also has a third property it’s planning to co-develop with Tony Cho. Pérez said the developers will decide whether to build micro condos, a hotel with branded condos or a rental building on that property, which is on Northwest First Avenue and Northwest 28th Street.
Related is building The Bradley, previously called Wynwood 26, with Block Capital Group, and expects to complete it by the end of the year. Arquitectonica designed the building and Lenny Kravitz’s Kravitz Design is handling the interiors. The Bradley will also include more than 32,000 square feet of commercial space, a 233-space parking garage, a fitness center and health club, and a rooftop terrace with a pool, covered amenity deck and outdoor kitchen.
The developers are targeting “young millennials,” Pérez said. Related’s in-house management company, TRG Management, is handling apartment leasing. BM2 Realty is leasing the commercial space.
Related and Block Capital Group financed construction of the project with a $33 million loan last year. Related partnered with Block Capital Group in 2015 when it paid $5.25 million for its 50 percent share of the 1.2-acre development site.
Wynwood 25, at 252 Northwest 25th Street, will mark the first new large apartment development in Wynwood when it opens in a few months.
The 285-unit project includes about 31,000 square feet of retail space. Tenants include Bartaco and Barcelona Wine Bar, which will share a patio at the project. Koniver Stern Group is handling leasing. Apartment rents will also start at about $1,400 a month, but the units will be larger, Pérez added. Adam Meshberg of Meshberg Group is handling the interior design.