The Related Group is launching another mixed-use project in Miami’s Wynwood arts district. This time, the Florida condo and apartment building developer is teaming up with Ralph Winter’s W5 Group to bring co-living to the burgeoning neighborhood, which is undergoing a massive redevelopment boom.
According to executives of both companies, W5 Group is the lead equity partner, committing 80% of the required capital to build a mixed-use project at 33, 45, and 51 Northwest 28th Street that will feature 200 fully furnished co-living units and 3,600 square feet of ground floor retail. The project, called w28 and designed by Arquitectonica, would also have complimentary co-working space, attractive common areas, a state-of-the-art fitness center, a rooftop pool and ample landscaped outdoor space.
In a statement, Winter said Miami needs more housing that millennials can afford. In recent years, multifamily developers have jumped on the co-living trend to build apartments targeted at that young demographic.
“As neighborhoods become more desirable, young people are often priced out,” Winter said. “Co-living is an exciting proposition that offers tremendous value, enabling them to experience modern living in highly attractive units – all while meeting like-minded individuals and forming rewarding new bonds in coveted metropolitan areas.”
Last year, W5 Group committed $300 million of equity to expand co-living provider Quarters’ presence in gateway cities across the United States. The company also acquired a majority interest in the Highline at Union Market, a mixed-use building in one of Washington, D.C.’s fastest-growing neighborhoods. “Much like D.C.’s Union Market, Wynwood has evolved from an industrial submarket to a vibrant hotbed of activity,” Winter said. “It increasingly represents an attractive live-work-play environment for young professionals and creatives.”
The Related Group assembled the land for the w28 project in June, paying $6.5 million for three properties comprised of a 12-unit apartment building, a four-bedroom house and a vacant lot. The company already completed Wynwood 25, one of the first Miami apartment projects featuring micro-units, and accompanying office property, Wynwood Annex, both of which were co-developed with East End Capital.
Related and Block Capital Group also built The Bradley, a mixed-use project under construction at 51 Northwest 26th Street. In November, short-term rental operator Domio signed a 10-year lease with two-five year options to take over the 175 residential units at The Bradley, as well as 32,000 square feet of retail and restaurant space, a 233-space parking garage with bicycle storage, and a rooftop terrace with a pool, amenity deck, outdoor kitchen and dining area. The project will also have a fitness facility and health club.
And The Related Group, developer Alex Karakhanian and Tricera Capital are planning a mixed-use project on a 2.1 acre site at 2801 Northwest Third Avenue that the joint venture paid $32 million for.
“Wynwood is a truly unique and special urban environment,” said The Related Group executive vice president Jon Paul Perez. “This collaboration with W5 Group is consistent with our commitment to ensuring that every new project in Wynwood, regardless of size and scale, enhances the neighborhood’s livability without compromising its rich culture.”