East End Capital
East End Capital has proposed its second major mixed-use project in Miami’s Wynwood neighborhood.
The New York-based developer has proposed Foyer, a 525,000-square-foot project at 2400 and 2500 N. Miami Ave. featuring apartments, offices and retail, said Jonathon Yormak, managing principal of East End Capital. Its plans for Foyer will go before the Wynwood Design Review Committee on March 10.
East End Capital previously co-developed the Wynwood 25 apartments and the Wynwood Annex office building with the Related Group. That was the first large apartment building completed under Wynwood’s new zoning code, which started a wave of residential and office project proposals in the neighborhood known for street art, entertainment and dining.
Foyer would have two towers of 12 stories each, one for apartments and the other for offices.
The 236 apartments would be on the 1.16-acre site at 2400, 2412 and 2418 N. Miami Ave., plus 29 N.W. 24th St. East End Capital affiliate EEFC 2400 NMA Owner LLC bought the property for $6.25 million in 2015.
Yormak said most of the apartments would be micro studios of 360 to 400 square feet. There would be 30 co-living units, where tenants would rent out bedrooms and share the living room and kitchen.
“We are very interested in making Wynwood as affordable as possible for as broad a portion of the community as possible,” Yormak said.
Co-living beds typically have lower rent than a standard apartment, he added. Foyer will have a host of amenities, including a gym, coworking space, a pool deck, cooking and entertainment areas, a media room, a dog run, and a recording studio.
The office building would total 140,000 square feet on the 19,813-square-foot site at 2500 N. Miami. Ave. and 33 N.W. 25th St. East End Capital affiliate EEFC 2500 NMA Owner LLC acquired the site for $4 million in 2014.
The interest Yormak has received at Wynwood Annex has made him confident another office building in the neighborhood would be successful, he said.
“Wynwood is by far and away the coolest place to work in Miami,” Yormak said. “As the neighborhood continues to evolve, people will want to work where they live.”
Foyer would have 12,000 square feet of retail, plus a juice and coffee bar, at the base of the apartment building, and another 6,000 square feet of retail on the ground floor of the office building.
The project was designed by Kobi Karp Architecture. Yormak hopes to break ground in about nine months.
