In yet another sign that lenders are still confident in the South Florida market, a mixed-use office development in Wynwood secured a $215 million construction loan.
Little Rock, Arkansas-based Bank OZK provided the loan to L&L Holding Company, Oak Row Equities, San Francisco-based Shorenstein Properties and Marcelo Claure’s Miami-based Claure Group for the Wynwood Plaza, a 1-million-square-foot office, apartment and retail project planned for 95 Northwest 29th Street in Miami.
Renderings of The Wynwood Plaza (IMERZA)
The assemblage is anchored by the former Rubell Family Collection properties. Rubell moved its museum to a new space in Allapattah.
Newmark’s Dustin Stolly and Jordan Roeschlaub represented New York-based L&L and Oak Row in finding additional partners, according to a press release. Berkadia’s Scott Wadler and Michael Basinski arranged the construction loan. Bank OZK and other lenders have been providing large loans in South Florida, despite the challenging interest rate environment and the trend of banks pulling back overall.
Construction of the Wynwood Plaza will begin “immediately,” according to the release. The development could be completed in 2025. It includes a 12-story, 266,000-square-foot office building, a 509-unit luxury rental building, 32,000 square feet of indoor and outdoor retail space, and a 26,000-square-foot public plaza. Gensler is the architect and James Corner Field Operations is designing the outdoor spaces.
Renderings of The Wynwood Plaza (Gensler)
L&L and Oak Row, previously called Carpe Real Estate Partners, paid about $54 million for the 3-acre assemblage on Northwest 29th and 30th streets, between Northwest First and North Miami avenues, just over a year ago. The deal had been in contract since 2020.
Investment firm Claure Group, an investor in the project, pre-leased the entire 25,400-square-foot eighth floor for its headquarters. Marcelo Claure left SoftBank and WeWork a year ago over disputes tied to his compensation package. He had been COO of SoftBank since 2018, after leading Sprint.
Renderings of The Wynwood Plaza (IMERZA)
New York-based law firm Weitz & Luxenberg also took 18,000 square feet on the second floor of the Wynwood Plaza office building.
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The office building’s amenities will include a gym, cafe and lounge, conference spaces, and a rooftop with seating. Apartment residents will have access to four rooftops with a sports court, pools, separate co-working spaces and phone rooms, and its own gym.
Renderings of The Wynwood Plaza (IMERZA)
The project will mark the second for Oak Row, led by Erik Rutter and David Weitz, in Wynwood. The firm, as Carpe, developed The Oasis in Wynwood, a mixed-use adaptive reuse development where Spotify bases its South Florida headquarters. It also has projects in the pipeline in Miami’s nearby Edgewater and in North Miami.