Rilea’s partner bows out of planned Rider at Wynwood project for $21M

Promanas Group officially exited Rilea Group’s planned Rider at Wynwood project, selling its stake for $21 million.

An affiliate of Saline, Michigan-based Promanas sold the 0.6-acre development site at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street to an affiliate of Miami-based Rilea, records show. Rilea financed the acquisition with an $11.5 million mortgage from Miami-based Altamar Financial Group.

In 2021, the Promanas affiliate, in partnership with Rilea, paid $12.2 million for the three lots, records show. 

A Rilea spokesperson confirmed Promanas is no longer involved with Rider at Wynwood, and Rilea remains the lead developer. Rilea, led by President Diego Ojeda, expects to break ground on the 12-story, 146-unit building later this year, the spokesperson added. The project will also have 5,000 square feet of ground-floor retail and a 6,000-square-foot rooftop speakeasy lounge. 

Promanas CEO John Bogdasarian declined comment. 

In March, Rilea’s Ojeda told The Real Deal that Rider at Wynwood would incorporate a rock n’ roll theme by offering buyers and residents access to a vinyl record lounge and a fleet of Harley-Davidson motorcycles. 

Buyers will also be able to lease their units on a short-term basis and will have the option to enter a rental program administered by Rilea. Prices at Rider at Wynwood range from the $600,000s to $1.8 million. Cervera Real Estate is marketing and selling units at the condo project. 

All units will be fully furnished and feature Bertazzoni appliances, Cosentino Dekton countertops and Porcelanosa bathroom fixtures. 

Less than a block away, Rilea is also developing Mohawk at Wynwood, a planned 12-story building with 300 apartments, 31,000 square feet of ground-floor retail and 3,500 square feet of offices. Last year, Rilea increased the number of units from 225 after paying $5.7 million for two warehouses adjacent to the development site that allow for a larger project.