East End Capital secured approval for a co-living development in Wynwood.
The Miami Urban Development Review Board this week approved Foyer Wynwood, a 12-story, 236-unit project on North Miami Avenue, between 24th and 25th streets, according to a press release. Rents at Foyer Wynwood are expected to start at about $1,500 a month, inclusive of furniture, electricity, common area cleaning and WiFi.
The 375,000-square-foot project, which is being designed by Kobi Karp Architecture & Interior Design, will have amenities such as a gym, juice and coffee bar, pool deck, a shared chef’s kitchen and entertainment space, coworking and art, podcast and green screen studios, according to the release.
Foyer will match roommates together using a proprietary compatibility algorithm.
The developer’s Foyer-branded projects will include high ratios of furnished micro-units and co-living bedrooms with en-suite bathrooms, as well as traditional studio, one- and two-bedroom apartments.
Jonathon Yormak, founder of East End Capital, said earlier this year that the company is planning to build at least 10 co-living projects over the next five years.
Co-living projects are spreading throughout South Florida, as developers easily pencil out profits from the higher-density rental properties, though it’s unclear what impact the pandemic will have on the multifamily sector.
In Wynwood, Property Markets Group plans to build a Society-branded co-living project. W5 Group is developing a co-living project with the Related Group, and The Collective is planning a project on Second Avenue.