PMG and Lndmrk Development are teaming up to build a short-term rental-friendly condo project in Miami’s Wynwood neighborhood.
The developers are planning the eight-story, 233-unit Twenty Sixth & 2nd Wynwood Residences at 2600 Northwest Second Avenue in Miami, according to a press release. They are buying the development site for an undisclosed price from the Gindi family’s ASG Equities, which will stay on as the owner of 26,000 square feet of retail space and a minority owner in the residential component of the project, the release shows.
Twenty Sixth & 2nd Wynwood Residences will have fully furnished studio and one-bedroom units, with prices starting at $500,000 and $700,000, respectively. Units will also come with deeded office space in the building, the release shows. The design team includes Boston-based architecture firm Cube 3 and Aventura-based interiors firm Cotofana Design. Amenities in the building will include a rooftop pool, spa facilities and a fitness center, the release shows.
Owners will be able to rent out the units on Airbnb with no restrictions on stay lengths, a spokesperson confirmed.
Sales are set to launch later this week, led by PMG Residential. Construction is set to begin next year, and is estimated to be completed in 2028, the spokesperson confirmed.
Raquel Kauffman, PMG’s head of sales for the project, said most of the project’s buyers are investors, with many coming from Central and South America.
“Miami has always been a potluck,” she said.
ASG Equities is based in New York City and is led by CEO Raymond Gindi. The Gindi family founded Century 21 Department Stores, a New York-based bargain retailer. In 2023, the family sold a Miami Design District building for $22 million to their tenant, Alo Yoga.
The Gindis cobbled together more than an acre of land at 2600, 2612 and 2630 Northwest Second Avenue, 220 Northwest 27th Street and 223 Northwest 26th Street in 2016, totaling $53.5 million, according to property records.
PMG, led by Ryan Shear, Dan Kaplan and Kevin Maloney, is based in Miami and has hundreds of units in the pipeline. Earlier this month, PMG and its partners landed a $215 million construction loan for 38 West Eleventh Residences Miami, another short-term rental-friendly condo project.
Lndmrk, also based in Miami and led by Alex Karakhanian, has partnered with PMG before. In 2023, the developers partnered on condo plans for a $20 million assemblage in Wynwood Norte. More recently, Karakhanian and his partners listed a Miami Design District development site for $47 million in December.