Rilea plans more Mohawk at Wynwood loft apartments after expanding site
Miami-based developer paid $6M for a 13K sf warehouse property
Rilea Group plans more loft apartments at its Mohawk at Wynwood mixed-use project after expanding its site, The Real Deal has learned
The Miami-based developer paid $5.7 million for two warehouses at 31 and 37 Northeast 28th Street, said Rilea President Diego Ojeda. Both lots span 12,750 square feet, enlarging the overall development site at 56 Northeast 29th Street from 1.5 acres to 1.8 acres, Ojeda said.
In an off-market deal, Rilea bought the property from interior designer Michael Wolk, whose studio is based in one of the warehouses, Ojeda said. Alfredo Riascos with Gridline Properties represented Rilea, and Alfonso Jaramillo with Fortune International Realty represented the seller.
In 2002, Wolk paid $350,000 for the industrial buildings, which were completed in 1964 and 1970, records show.
“We negotiated what I think is a fair price and below market,” Ojeda said. “For us, it makes sense because it helps our project’s efficiency. For the seller, it was also good. It’s a small site that without our project didn’t have life for anything else.”
Rilea’s latest acquisition allows his firm to add 35 more loft apartments to a 12-story project originally slated for 225 units, Ojeda said. Mohawk at Wynwood, now spanning almost an entire block, will also have 31,000 square feet of ground-floor retail and 3,500 square feet of office. Knocking down the two warehouses will also improve the design of a paseo planned for the project, Ojeda said.
“Before, the paseo had a big wall on the south side,” Ojeda said. “Now that we own the site, the wall will no longer be there. You will have retail on both sides when you walk the paseo.”
Mohawk at Wynwood is adjacent to The Rider, a 127-unit short-term rentals project adjacent that Rilea is co-developing with Promanas Group, Ojeda said.
Designed by Javier Barrera with Miami-based architecture firm Deforma Studio, Mohawk at Wynwood will have New York-style loft apartments in a brick-and-steel building, Ojeda said.
Rilea expects to break ground on the project later this year, he said.
Rilea is raising money for Mohawk at Wynwood through RealtyMogul, a Los Angeles-based crowdfunding platform founded by CEO Jilliene Helman. Through RealtyMogul, Rilea raised $12.5 million for the acquisition of the initial 1.5 acres, which the developer purchased for $22 million in 2021. Ojeda’s firm plans to raise another $10 million via RealtyMogul for the project’s construction.
While Mohawk will be Rilea’s first project in Wynwood, the firm has developed more than 10 million square feet in South Florida since 1981, a press release states. Rilea built 1450 Brickell Avenue and Sabadell Financial Center, two office towers in Miami’s Brickell neighborhood, as well as The Bond at Brickell condominium.
The Wynwood development pipeline is booming with more than 2,200 apartments and condos slated for the trendy arts-and-fashion neighborhood, according to a TRD analysis.