East End Capital has proposed one of the first mixed-use projects under the new zoning code in Miami’s high-demand Wynwood neighborhood.
Wynwood 25 would total 400,000 square feet, with 289 apartments, 31,000 square feet of ground-floor retail and 340 parking spaces. The apartments would be mostly studios and one-bedroom units, ranging from 400 to 1,200 square feet. Eighty percent of the units would rent for under $2,000 per month, according to New York-based East End Capital.
The 2.41-acre site at 215 to 339 N.W. 24th Street and from 240 to 292 N.W. 25th Street was acquired by East End Capital for $23.5 million in October 2014. Since then, Wynwood’s real estate market has been heating up with big deals as restaurants and retailers flourished and the city rezoned the neighborhood to increase the density for residential developments, raise the height limits and reduce parking requirements, among other changes.
Before East End Capital acquired the site, the previous owner proposed a project called Wynwood Central that would have totaled nearly 209,000 square feet. Wynwood 25 would be almost twice as big.
The developer said Wynwood 25 would be aimed at Miami’s creative class, millennials, knowledge workers.
“Wynwood is known for its cutting-edge art, world-class restaurants, creative office and hip retailers,” said Jonathon Yormak, managing principal of East End Capital. “Wynwood 25 marks the neighborhood’s next phase – an architecturally significant building that brings reasonably-priced rental housing to people who appreciate Wynwood’s unique character and want to be a part of the community.”
Amenities at Wynwood 25 would include a fitness center with a yoga studio, a coffee lounge, a 12,000-square-foot green courtyard and a rooftop terrace. There would be a public walkway between Northwest 24th Street and Northwest 25th Street. The façade would be decorated with artwork.
The project was designed by Kobi Karp.
East End Capital has already submitted plans for Wynwood 25 to the city and needs approved from both the Wynwood Design Review Board and the Urban Design Review Board. If it’s approved, the project could break ground in the first quarter of 2017.
East End Capital recently completed the Wynwood Arcade at 50 N.W. 24th Street with tenants such as The Salty Donut.