Rilea Group plans multifamily project on Wynwood site purchased for $22M

Mohawk at Wynwood will be 12 stories tall with 225 units

Miami /
Jun.June 23, 2021 02:30 PM
Rilea Group President Diego Ojeda and RealtyMogul CEO Jilliene Helmanwith renderings of Mohawk at Wynwood. (Rilea Group Renderings, InFlight LLC, RealtyMogul)

Rilea Group President Diego Ojeda and RealtyMogul CEO Jilliene Helmanwith renderings of Mohawk at Wynwood. (Rilea Group Renderings, InFlight LLC, RealtyMogul)

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.






    Related Articles

    arrow_forward_ios
    Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
    David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
    David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
    (Facebook via Golfview Flats)
    Snow Real Estate buys Sunrise apartments for $15M
    Snow Real Estate buys Sunrise apartments for $15M
    12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)
    Johnson & Wales sells more North Miami properties for $21M
    Johnson & Wales sells more North Miami properties for $21M
    The Buena Vista Gardens in Little Haiti (Apartments.com)
    Bowery Properties buys Little Haiti apartment portfolio for $12M
    Bowery Properties buys Little Haiti apartment portfolio for $12M
    Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
    Walton Street Capital buys Boynton Beach apartments for $93M
    Walton Street Capital buys Boynton Beach apartments for $93M
    Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
    Frankforter Group buys Pompano Beach apartments for $43M
    Frankforter Group buys Pompano Beach apartments for $43M
    The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
    PMG pays nearly $60M for Johnson & Wales North Miami campus
    PMG pays nearly $60M for Johnson & Wales North Miami campus
    Louis Puig and 333 Jefferson Avenue in South-of-Fifth (Google Maps)
    Former Club Space owner buys South Beach apartments for short-term rentals
    Former Club Space owner buys South Beach apartments for short-term rentals
    arrow_forward_ios

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

    Loading...