Gateway at Wynwood scores $76M loan
The project will have have 220K sf of Class A offices and 26K sf of retail
UPDATED, Jan. 3, 1:50 p.m.: More large-scale office and retail development is coming soon to Miami’s artsy neighborhood.
New York-based Rose & Berg Realty Group snagged a $76 million loan to build the Class A office and retail complex Gateway at Wynwood from Miami-based 3650 REIT. Berkadia Commercial Mortgage, led by Charles Foschini, brokered the loan.
The Kobi Karp-designed property at 2916 North Miami Avenue will have 220,000 square feet of Class A office space to accommodate single- and multi-tenant uses, according to a release. The development will also feature 25,900 square feet of retail space.
A Rose & Berg affiliate bought the 1.12 acre site for $18 million in two separate transactions in 2016. Gateway at Wynwood is projected to open in the second half of 2021, according to the release.
Colliers International South Florida’s Kingsley-Rutchik team is handling the office leasing for Gateway at Wynwood. CBRE will handle leasing for the retail component of the project.
Rose & Berg Realty Group owns, manages or has under construction more than 1 million square feet of office, retail, industrial and mixed-use developments along the East Coast. The developer focuses on repositioning commercial assets and in-fill redevelopment opportunities, according to the release.
Wynwood is seeing an influx of new office and retail development. Chicago-based developer Sterling Bay is building 545 Wyn, a 10-story mixed-use office building on the west side of Wynwood on Northwest Fifth Avenue between 26th and 27th streets. The building topped off in November.
Nearby, RedSky Capital is building the 65,000-square-foot Cube Wynwd, an office and retail project at 222 Northwest 24th Street.