Miami’s Wynwood continues to grow as an apartment rental market, with a developer planning a multifamily project on a site it purchased for $22 million.
Rilea Group bought the property at 56 Northeast 29th Street from 29th Street Warehouse LLC, managed by Lombardi Properties, in an off-market deal, according to a news release.
Alfredo Riascos and Yonatan Missika of Gridline Properties represented the buyer.
The 225-unit, 12-story Mohawk at Wynwood will be built on 1.5 acres. It will total 215,430 square feet of leasable property, including 22,000 square feet of ground-floor retail and 3,500 square feet of office space for rent, according to the release. Construction will start in 2023.
Rilea Group in large part is capitalizing on the residential demand by Northeasterners moving to Miami, and is targeting New Yorkers with the building’s design. Architect Javier Barrera, of Miami-based Deforma Studio, designed Mohawk at Wynwood with exposed brick, steel and concrete, reminiscent of the industrial feel of New York’s SoHo and Meatpacking districts.
There also will be murals on the façade and the interior artwork. Some of the amenities will be a gym with Peloton bikes, a private park and dog park, rooftop pool and bar, lounge for residents and a children’s playroom, according to the release.
Rilea Group, led by owner and CEO Alan Ojeda and President Diego Ojeda, is joining a growing number of developers who are turning to crowdfunding for financing. It raised $12.5 million for acquisition and pre-development through Los Angeles-based RealtyMogul. The crowdfunding platform, founded by CEO Jilliene Helman, next plans to raise another $10 million for Mohawk at Wynwood’s construction.
Rilea Group, which also manages properties, built the 1450 Brickell Avenue and Sabadell Financial Center office towers, as well as The Bond at Brickell condominium.
Mohawk will mark Rilea’s first venture in Wynwood. The neighborhood rose to the spotlight as an arts hub with galleries in repurposed warehouses, but in more recent years is seeing multifamily development.
Developers targeting Wynwood include Property Markets Group, which in partnership with Greybrook Realty Partners plans to build the Society Wynwood apartments. In December, it bought part of the project site assemblage for $11.5 million.
Jorge Perez’s Related Group plans its seventh commercial development in Wynwood, a pair of 12-story buildings with apartments, retail and offices.