A short-term rental project with 127 units is coming to Miami’s Wynwood neighborhood.
Developers Rilea Group and Promanas Group bought the site on the southwest corner of Northeast 29th Street and the Florida East Coast Railway tracks for $12.2 million, with plans to build The Rider, according to a release from Rilea and Promanas.
The properties at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street total 0.6 acres, records show. Seller 101 NE 28 St LLC ties to Jeffrey Miller of Krillion Ventures.
Alfredo Riascos and Yonatan Missika of Gridline Properties represented the buyers. Liana Rivera of LLV Realty represented the seller.
Wynwood, historically an industrial garment district with single-family houses, has been transformed in the past several years into an entertainment and dining destination with new apartment towers. More multifamily development is also on tap.
Yet the area, a magnet of out-of-town visitors, still lacks hotels, which prompted the developers to build a short-term rental project, Rilea’s Diego Ojeda said in the release.
Plans call for a 12-story project with 8,500 square feet of ground-floor retail, a rooftop restaurant and a pool bar, according to the release. Construction is expected to start in 2023.
Units at The Rider, near a planned passenger commuter train station, will be rented through short-term rental sites such as Airbnb and VRBO, according to the release.
The Brightline passenger train, which is set to resume service in November following a hiatus during the pandemic, now connects the downtowns of Miami, Fort Lauderdale and West Palm Beach. Local governments have been in talks with Brightline about creating a commuter line with more frequent stops, including one in Wynwood, roughly at Northeast 27th Street.
Ann Arbor, Michigan-based Promanas is a privately commercial real estate investor founded and led by John Bogdasarian, according to the release.
Miami-based Rilea already has a Wynwood multifamily project on tap. It is developing the 225-unit Mohawk at Wynwood apartment building, after paying $22 million for the project site at 56 Northeast 29th Street in June.
Aside from Diego Ojeda, Rilea also is led by owner and CEO Alan Ojeda. The company’s past projects include the 1450 Brickell office building, The Bond condominium, the Sabadell Financial Center and Monte Carlo, a short-term rental building in Miami Beach.
Among other developers’ planned Wynwood projects, David Edelstein’s TriStar Capital, the Related Group, Alex Karakhanian’s Lndmrk Development and Tricera Capital want to build a 300-plus-unit residential project at 2700 Northwest Second Avenue. They bought the site for $26.5 million in September.