Block Capital proposes 17-unit Wynwood apartment project

Martin Miculitzki’s firm wants to build five-story building with two on-street parking spaces

Block Capital Group's Gustavo Miculitzki and a rendering of the proposed five-story, 17-unit apartment project at 91 Northwest 27 Street in Miami’s Wynwood (MKDA)
Block Capital Group's Gustavo Miculitzki and a rendering of the proposed five-story, 17-unit apartment project at 91 Northwest 27 Street in Miami’s Wynwood (MKDA)

Block Capital Group, a prolific Wynwood developer and investor, is continuing to bet on the neighborhood.

The Miculitzki family’s Block Capital wants to build a five-story, 17-unit residential building at 91 Northwest 27th Street with 3,000 square feet of retail, according to an application filed to a Miami project review board. The units will be apartments, a Block Capital representative told The Real Deal.

The Wynwood Design Review Committee is expected to take up the proposal at its meeting on Tuesday.

The board will consider whether to waive the requirement of 35 parking spaces and allow for a 30 percent reduction to 24 spots, which is permitted under city regulations because the site is within a quarter mile from mass transit stops, according to the application. Block Capital’s proposal states that the project would have two on-street parking spaces and the developer will meet the rest of the requirement through a payment into the Wynwood Parking Trust Fund — in lieu of the spaces.

Block Capital, through an affiliate, bought the 0.1-acre development site last October for $1.5 million, records show.

The property is across Northwest 27th Street from the Sentral Wynwood mixed-use building that Block Capital and Jorge Pérez’s Related Group co-developed in 2019. Originally called The Bradley Wynwood, the seven-story property has 175 rental units and retail. Block Capital and Related sold it to San Francisco-based Iconiq Capital for $77 million last year.

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This year, Wynwood-based Block Capital shed two more properties. In April, it sold a pair of retail buildings at 3300 North Miami Avenue and 30 Northwest 34th Street near Midtown Miami for $23 million to German investment firm Rüger Holding AG. In June, Block Capital sold two warehouse-to-office conversions at 100 Northeast 28th Street and 85 Northeast 27th Street in Wynwood for $18.7 million to Miami-based family office WellMeaning Investments.

In another bet on Wynwood, Block Capital is partnering with Kushner Companies on the Wynd 27 and Wynd 28 project with 152 apartments, 46,000 square feet of office space, 33,500 square feet of retail, and 232 parking spaces at 127 Northwest 27th Street and 129 Northwest 26th Street.

Wynwood, once an overlooked warehouse district with small apartment buildings and single-family homes, has been redeveloped and gentrified over the past decade.

More than 2,200 apartments and condominiums are in the pipeline for the neighborhood as of this summer, according to an analysis by The Real Deal.

Among recent proposals, New York-based Fisher Brothers wants to build an eight-story apartment building with 308 units on a former Miami Rescue Mission site on the northeast corner of Northwest 22nd Street and First Court.

Also, a joint venture between Scott Robins and Philip Levine plans a five-story building with 203 units and 15,000 square feet of retail at 35-83 Northwest 27th Street.