TSG and Lineaire Group have brought on another partner for a proposed 224-unit, 20-story multifamily property in a Wynwood Opportunity Zone.
The developers have added Bridge Investment Group to the project, called Wynwood Haus, at 1765 North Miami Avenue in Miami, according to a press release. The project is expected to break ground at the end of the first quarter. Construction should last about 22 months, according to a spokesperson.
TSG and Lineaire bought the development site in 2019 for $5.9 million and submitted plans for the project last year.
Wynwood Haus will include 5,500 square feet of ground-floor commercial space and apartments ranging from studios to two-bedroom units. Amenities will include a gym, yoga studio and coworking space.
The project has received $14 million in incentives from the Omni Community Redevelopment Agency in Miami to make a portion of the apartments workforce housing.
Salt Lake City-based Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate, poured nearly $2 billion into Opportunity Zones last year and expects to invest about $1 billion more in 2021.
TSG is based in Coral Gables and led by Camilo Lopez and Jorge Escobar. Lineaire is based in Miami and is led by Diego and Alejandro Bonet and George Samarjian.
Corwil Architects is designing the project, with interiors by Lineaire Designs and landscaping by Enzo Enea.
Lineaire Designs is partnering with a new firm launched by One Sotheby’s International Realty for architecture, design and construction work on homes throughout South Florida.
TSG is partnering with Continuum South Beach developer Ian Bruce Eichner to develop a luxury condo tower in Brickell. A 54-unit office building in Coral Gables developed by TSG and BF Group sold three office condos last year for $3 million.
Bridge Investment Group had one of the largest office sales of 2020 with the $82.5 million deal for the Bayview Corporate Tower in Fort Lauderdale. Last year, the group planned to raise another $600 million through its Opportunity Zone funds.