East End Capital scores approval for co-living project in Wynwood
07.01.2020 | The Real Deal

East End Capital scores approval for co-living project in Wynwood

East End Capital secured approval for a co-living development in Wynwood.

The Miami Urban Development Review Board this week approved Foyer Wynwood, a 12-story, 236-unit project on North Miami Avenue, between 24th and 25th streets, according to a press release. Rents at Foyer Wynwood are expected to start at about $1,500 a month, inclusive of furniture, electricity, common area cleaning and WiFi.

East End Capital, which developed Wynwood 25 with the Related Group, is planning to break ground on the co-living project next year.

The 375,000-square-foot project, which is being designed by Kobi Karp Architecture & Interior Design, will have amenities such as a gym, juice and coffee bar, pool deck, a shared chef’s kitchen and entertainment space, coworking and art, podcast and green screen studios, according to the release.

Foyer will match roommates together using a proprietary compatibility algorithm.

The developer’s Foyer-branded projects will include high ratios of furnished micro-units and co-living bedrooms with en-suite bathrooms, as well as traditional studio, one- and two-bedroom apartments.

Jonathon Yormak, founder of East End Capital, said earlier this year that the company is planning to build at least 10 co-living projects over the next five years.

Co-living projects are spreading throughout South Florida, as developers easily pencil out profits from the higher-density rental properties, though it’s unclear what impact the pandemic will have on the multifamily sector.

In Wynwood, Property Markets Group plans to build a Society-branded co-living project. W5 Group is developing a co-living project with the Related Group, and The Collective is planning a project on Second Avenue.