East End Capital scores approval for co-living project in Wynwood

Miami /
Jul.July 01, 2020 01:45 PM
Foyer Wynwood and Jonathon Yormak

Foyer Wynwood and Jonathon Yormak

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.

East End Capital, which developed Wynwood 25 with the Related Group, is planning to break ground on the co-living project next year.

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.


Related Articles

arrow_forward_ios
Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)

Goldman Properties buys Wynwood property for discounted $5M

Goldman Properties buys Wynwood property for discounted $5M
Pharrell Williams and David Lerner with a photo of 2545 Northwest Third Avenue and a rendering of the Billionaire Boys Club exterior (Getty, Google Maps, Lerner Family Properties)

Pharrell’s Billionaire Boys Club to open store in Wynwood

Pharrell’s Billionaire Boys Club to open store in Wynwood
Angel Febres, partner, Homecookin’ Hospitality and Metro 1 Managing Director Andres Nava

Wynwood nightclub building hits the market

Wynwood nightclub building hits the market
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)

Lender closes on RedSky and JZ’s Wynwood assemblage

Lender closes on RedSky and JZ’s Wynwood assemblage
Wynwood Works rendering and Udonis Haslem (Credit: Bobby Metelus/Getty Images)

Magellan Housing and Miami Heat star Udonis Haslem to build Wynwood apartment project on city-owned land

Magellan Housing and Miami Heat star Udonis Haslem to build Wynwood apartment project on city-owned land
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
Adam Henick, Stefano Santoro, and Brandon Charnas

Instagram ready: Current Real Estate Advisors expands to Miami

Instagram ready: Current Real Estate Advisors expands to Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...