UPDATED, May 5, 8:57 a.m.: A venture led by the Related Group and David Edelstein’s Tricap launched sales of NoMad Residences Wynwood, a NoMad Hotels-branded condo building with a Casa Tua Cucina on the ground floor.
The 329-unit, nine-story building is planned for 2700 Northwest Second Avenue in Miami’s Wynwood neighborhood.
New York-based Tricap, Related and their partner on the project, Alex Karakhanian’s Lndmrk Development, paid $26.5 million for the development site last year. Chinese lender Seven Valleys, which took the site over from RedSky Capital and JZ Capital Partners, sold the nearly 1.3-acre property.
The Wynwood Design Review Committee approved the plans at its meeting on Tuesday, Edelstein said.
The project will mark the first residential development for NoMad Hotels, which is owned by Andrew Zobler’s Sydell Group. (Zobler bought a home in Miami Beach last year.) Sydell exited its investment in the NoMad hotel in New York, which is expected to reopen in June as a Soho House property called the Ned NoMad. NoMad’s properties are in London, Las Vegas and Los Angeles.
Sydell also owns the Freehand hotels in Miami Beach, New York, Los Angeles and Chicago.
At the Wynwood project, units will range from 464 square feet to 931 square feet, and start in the mid $500,000s, or over $1,000 per foot. The building, like some of Miami-based Related’s other projects in the pipeline, will not have any rental restrictions. Units will be delivered fully furnished, and the property will have an in-house management team to handle check-in and check-out, according to a release. Fortune Development Sales is handling sales and marketing.
Nick Pérez, senior vice president at Related, expects buyers will be a combination of investors and end users, similar to the buyer pool at the Crosby at Miami Worldcenter and District 225, two short-term rental friendly condo buildings Related is developing. Pérez also referred to the wave of tech companies that have opened or plan to open offices in Wynwood.
“With these high paying jobs, we feel there will be a strong demand for young professionals who can afford this type of unit,” he said.
The building will have a NoMad rooftop restaurant and bar, led by James Beard award winner Leo Robitschek, who was also the former bar director at Eleven Madison Park, a three-Michelin star restaurant in New York City.
Casa Tua, which has its flagship location in Miami Beach as well as a food hall at Saks Fifth Avenue’s Brickell City Centre location, will open on the ground floor of the building. Casa Tua’s other locations are in Aspen and Paris.
“A Casa Tua Cucina elevates Wynwood to be the hottest neighborhood in Miami,” Edelstein said. New restaurants and bars, including Pastis at one of Edelstein’s other properties, are expected to open in Wynwood as the neighborhood continues to undergo a major transformation with new office, hotel, condo and apartment projects.
Toronto-based DesignAgency is handling the interiors, and Arquitectonica is the project architect. Amenities will include a pool and deck with cabanas, an indoor and outdoor fitness center, a NoMad library and lounge, shared workspaces, outdoor theater and art.
The developers plan a formal groundbreaking in the fourth quarter of this year and plan to secure a construction loan but haven’t chosen a lender yet, Edelstein and Pérez said.
Over the past year, developers across Miami-Dade County and farther north into Palm Beach County have been launching sales of new projects, hoping to capture as much market share as possible. Despite selling out quickly or reporting high presales, rising construction costs and supply chain issues could delay some developments, experts say.