Block Capital buys into Diesel Wynwood project, plans relaunch

The Miculitzki family’s Block Capital Group bought into Diesel Wynwood, Bel Invest Group’s planned branded condominium project in the trendy Miami neighborhood, The Real Deal has learned. 

Wynwood-based Block Capital is taking the lead on the development, according to sources. Bel-Invest Group, led by CEO Maximilian Beltrame, remains a partner. Block Capital plans to relaunch the project by November, said Gaston Miculitzki, a spokesperson for the family and commercial director at Wynwood-based BM2 Realty. BM2 is handling sales and marketing in-house.

It will mark the second re-launch for Diesel Wynwood since plans for the 159-unit project at 148 Northwest 28th Street were revealed in 2019. Bel-Invest, an international development firm based in Vicenza, Italy, originally planned to kick off sales after Art Basel Miami Beach in 2019, but delayed the timeline because of the pandemic. It launched sales in 2021. 

The eight-story building will mark the first residential building for Diesel, the Italian retail and clothing company. One Sotheby’s International Realty and Douglas Elliman previously led sales for the project at different times. 

Block Capital could retool the project ahead of its relaunch, sources said.

Last year, a spokesperson for the project said it was about 70 percent presold. Construction hasn’t started. 

The building, designed by Zyscovich Architects, was planned to have micro-studio condos starting at 395 square feet, up to three-bedroom units as large as 4,411 square feet. Amenities will include electric vehicle charging stations, bicycle storage, a rooftop pool deck, lounge, a spa, event space and a climate-controlled wine cellar. 

Bel Invest Wynwood assembled the site for a combined $9.6 million between 2015 and 2017. Last year, Robert Finvarb Companies and Hidrock Properties paid $6.7 million for a portion of that assemblage, where they plan to build a hotel. 

Dozens of branded residential buildings are underway or planned in South Florida, including branded projects by Elle, Pagani, Casa Tua, Waldorf Astoria, Baccarat and Dolce & Gabbana. Other fashion houses have worked with condo developers in Miami-Dade before, including Vlad Doronin’s OKO Group on the now-completed Missoni Baia tower in Edgewater. 

Diesel Wynwood’s development site is adjacent to Wynd 28, a mixed-use project developed by Block Capital Group and Kushner Companies. Last year, the two firms scored a $91 million refinancing of Wynd 28 and Wynd 27, which includes office, retail and about 150 apartments. Block Capital has also worked with the Related Group in Wynwood. 

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